A former New Orleans attorney, Michael Brian DePetrillo, has been sentenced to nine years in federal prison for violating the Commodity Exchange Act. The sentencing took place on July 23, 2025, according to Acting U.S. Attorney Michael M. Simpson.
Court documents indicate that DePetrillo, 43, operated as a Commodity Pool Operator (CPO) and an Associated Person (AP) of a CPO without proper registration with the United States Commodity Futures Trading Commission (CFTC). He used several companies—including Meteor, LLC; NOLA FX Capital Management, LLC; ELC Enterprise Solutions, LLC; and Argosapolis, LLC—to solicit investments from clients under false pretenses.
DePetrillo told investors their funds would be pooled and invested in the NOLA FX FUND for trading foreign currency pairs on a leveraged basis. However, instead of investing as promised, he misappropriated approximately $9.2 million from about 55 victims over seven years.
The misused funds were diverted to various personal expenses: around $3.7 million was paid as “returns” to earlier investors; about $575,000 went toward his own investments; roughly $425,000 was spent on rent; nearly $200,000 funded private air travel; and approximately $300,000 was used for online gambling.
To hide these actions, DePetrillo issued fictitious account statements under the names NOLA FX FUND and NOLA FX CAPITAL. These statements falsely indicated that client funds had been traded successfully in forex markets when no such trades occurred or returns were generated.
DePetrillo also failed to follow regulatory requirements for setting up forex pools—he did not receive participant funds in the name of the pool and commingled investor money with his own accounts.
United States District Judge Jay C. Zainey imposed a sentence of 108 months in prison followed by three years of supervised release. DePetrillo must also pay restitution totaling $6,748,412.79 and a $100 special assessment fee.
Acting U.S. Attorney Simpson stated: “MICHAEL BRIAN DEPETRILLO…was sentenced on July 23, 2025 for violating the Commodity Exchange Act.”
The Federal Bureau of Investigation assisted in the case’s investigation. Assistant United States Attorneys Kathryn McHugh and Brian M. Klebba led the prosecution.
