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

Key Points:

• 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.

However, Alexandre only invests a small portion of the user’s money, and the rest of the money is spent on himself (depositing millions of dollars in a personal bank account and splurging on a new BMW) or on expenses business-related fees (including office space and attorneys). Without a plea agreement, Alexandre faces up to 30 years in prison.

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