EminiFX CEO Pleads Guilty To Commodity Fraud, Forfeited $250 Million

Key Points:

• EminiFX CEO, a cryptocurrency trading platform, has pleaded guilty to commodity fraud.
• Eddy Alexandre agreed to the forfeiture of $248.8 million, along with restitution.
• Tens of thousands of investors were tricked by him and made weekly profits of at least 5%.

EminiFX CEO Eddy Alexandre has pleaded guilty to fraud after defrauding tens of thousands of investors. According to The Block, he had nearly $250 million in confiscation and faced up to 10 years in prison.

Before, Eddy Alexandre, 51, of Valley Stream, N.Y., was arrested in May 2022 and charged with wire fraud and commodities fraud, to which he initially pleaded not guilty. Court records show that Alexandre will change his plea in a new hearing set for Friday afternoon. Inner City Press first reported the news.

According to the U.S. Attorney’s Office for the Southern District of New York, Eddy Alexandre, the CEO of the meaningful cryptocurrency and currency trading website EminiFX, pled guilty to one count of commodities fraud and agreed to forfeit $248.8 million in addition to restitution on Friday.

According to a statement from U.S. Attorney Damian Williams, Alexandre was accused of soliciting investments from tens of thousands of investors and making up weekly returns of at least 5%.

“Alexandre’s scam caused investors to lose millions of dollars, and this case should serve as yet another warning to cryptocurrency that the Southern District of New York executives is closely watching and ready to prosecute any mistreatment in the crypto markets,”

Alexandre is said to have moved at least $14.7 million to his account and used investor money to buy a BMW. A maximum 10-year jail sentence is imposed for the offense to which he pleaded guilty.

From May 11, 2022, By Order of the United States District Court for the Southern District of New York, in the case titled Commodity Futures Trading Commission v. Eddy Alexandre and EminiFX, Inc., the exchange’s homepage has been sealed.

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