EminiFX CEO Sentenced To 9 Years In Jail For $249 Million Scam Plan

• The CEO of the EminiFX

  Cryptocurrency

  and Forex Trading Platform was sentenced to 9 years in prison for the scam scheme.

• Eddy Alexandre pleaded guilty to executing a fraudulent scheme through his platform to defraud more than 25,000 investors out of more than $249 million.

• So the scam platform is operated in the form of multi-level marketing programs, encouraging old investors to attract new users to the platform.

According to Bloomberg, a federal court in Manhattan has sentenced Eddy Alexandre, founder, and CEO of EminiFX, to nine years in prison for executing a cryptocurrency Ponzi scheme.

EminiFX is a cryptocurrency and forex trading platform. Accordingly, the platform is operated as a multi-level marketing program, encouraging old investors to attract new users to the platform.

The verdict comes more than four months after the crypto scammer pleaded guilty to merchandise fraud by the platform defrauding more than 25,000 investors out of approximately $249 million. U.S. District Judge John Cronan in Manhattan said it was a massive scam in the Haitian-American community.

The United States Department of Justice (DOJ) announced on February 10 that Alexandre pleaded guilty to one count of merchandise fraud and will forfeit approximately $249 million in proceeds from illegal actions.

Alexandre, who was arrested and charged in May 2022 for his role in EminiFX, initially pleaded not guilty but changed his plea on February 10.

Reportedly, Alexandre had previously promised investors that they would double their money within five months to attract more than 25,000 investors by offering an attractive return of 5% a week into his fraud plan.

In truth and in fact, and as ALEXANDRE well knew, EminiFX did not earn 5% weekly returns for its investors. ALEXANDRE did not even invest a substantial portion of the investor funds entrusted to him, and ALEXANDRE sustained millions of dollars in losses on the limited portion of funds that he did invest, which he did not disclose to his investors. Instead of using investors funds as he had promised, ALEXANDRE also misdirected at least approximately $14,700,000 to his personal bank account. For example, ALEXANDRE used $155,000 in investor funds to purchase a BMW car for himself and spent an additional $13,000 of investor funds on car payments, including to Mercedes Benz.

In addition to his prison term, ALEXANDRE, 51, of Valley Stream, New York, was sentenced to three years of supervised release and ordered to pay forfeiture in the amount of $248,829,276.73 and restitution in the amount of $213,639,133.53.

Mr. Williams praised the investigative work of the Federal Bureau of Investigation and also thanked the Commodity Futures Trading Commission, which brought a separate civil action.

This case is being handled by the Offices Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Nicholas Folly and Jared Lenow are in charge of the prosecution.

Facing a maximum sentence of 10 years in prison, Alexandre wrote seeking leniency. He shared how growing up in Haiti, and witnessing “unimaginable pain and suffering” from the countrys natural and man-made disasters, inspired him to help others. With tales of helping others from an early age, such as when he used his bus fare toward extra food for his siblings, until well after he immigrated to New York in 1998 and contributed to local communities, Alexandre sought to show the judge how giving back compelled him.

It was his passion to help his community improve, he said, and the possibilities of technology as a wealth creation tool that prompted him to start EminiFX.

“Nothing excites me more than using technology to tackle the issues that we all face in our daily lives,” Alexandre wrote. “I am overjoyed every time I have the privilege to help someone learn more about technology and how it can better their lives.”