CEO of the allegedly fraudulent EminiFX crypto trading platform, Eddy Alexandre, has recently submitted a guilty plea to commodities fraud in an American district court. The United States Department of Justice disclosed that as part of his sentence, he will pay $248 million towards restitution for investors who lost money due to his “cryptocurrency investment scam.” A precise sum for retribution is yet to be determined.
EminiFX’s CEO Eddy Alexandre Raised Nearly $250 Million
Eddy Alexandre was taken into custody in May and charged for his involvement in the EminiFX business. He initially pleaded not guilty but changed his plea on February 10th, facing a potential maximum sentence of ten years behind bars. United States Attorney Damian Williams exposed that between September 2021 and May 2022, Alexandre had collected over $248 million from tens of thousands of investors through cryptocurrency trading and forex platforms.
Williams said Alexandre purported EminiFX could give “weekly returns of at least 5%,” but in reality, the CEO didn’t invest a “substantial portion” of the funds and “even used some funds for personal purchases.”
He boasted about EminiFX as a source of steady income, claiming that their secret technology would automate trading in both digital and physical currencies – with guaranteed returns on investment.
He Lost Users’ Money While Investing
Eddy Alexandre deceived investors by withholding the details of his technology and falsely guaranteeing that their money would double within five months. Despite promising 5% returns, he instead incurred millions in losses on funds invested without disclosing this information to those investing with him.
Despite embezzling approximately $14.7 million and using a portion of it to purchase luxury cars, some investors still had faith in Eddy Alexandre. Some even traveled from overseas specifically for his August plea hearing in order to prove their loyalty – one investor going as far as saying the case against him was unjust and racist. As reported by Bloomberg on Aug 10th, the gathered crowd showed unwavering support for this felonious figure despite his crimes being brought to light.
Eddy Alexandre is additionally confronted with an isolated civil lawsuit from the Commodity Futures Trading Commission for “deceptive inducement and misappropriation” associated with digital currency and foreign exchange trading.
You may be interested in: CPI Analysis Surprises
