GRIMY TIMES EXCLUSIVE: Eddy Alexandre, the mastermind behind the fraudulent crypto and forex trading platform EminiFX, has copped to a multi-million-dollar scheme that bilked investors out of over $240 million. The Southern District of New York’s United States Attorney, Damian Williams, announced today that Alexandre has pleaded guilty to commodities fraud.
In what authorities are calling a major victory against cryptocurrency scams, Alexandre admitted to luring tens of thousands of individual investors with false promises of guaranteed returns from 5% weekly on their investments. In reality, he failed to invest much of the money and even dipped into investor funds for personal gain. The fraudulent scheme, which ran from September 2021 to May 2022, saw Alexandre misdirecting at least $14,700,000 into his own bank account.
According to court filings, Alexandre promised investors that they would double their money within five months using a “Robo-Advisor Assisted account.” He referred to the technology as his ‘trade secret,’ but in fact, EminiFX did not earn the 5% weekly returns it claimed. Instead of investing, Alexandre sustained millions in losses and used funds for personal purchases like a BMW car and Mercedes Benz payments.
At age 50, Alexandre of Valley Stream, New York, faces up to 10 years in prison for commodities fraud. He has agreed to pay $248,829,276.73 in forfeiture as well as unspecified restitution. Sentencing is scheduled for July 12, 2023.
This case underscores the Southern District of New York’s commitment to cracking down on crypto market misconduct. Assistant U.S. Attorneys Nicholas Folly and Jared Lenow are handling the prosecution. The FBI’s investigative work and the Commodity Futures Trading Commission’s separate civil action have been crucial in bringing Alexandre to justice.
The Office’s Securities and Commodities Fraud Task Force is taking this case as a call to action, warning cryptocurrency executives that misconduct will not be tolerated. Stay tuned for updates on the sentencing of Eddy Alexandre, who is expected to face the full weight of the law for his fraudulent activities.
RELATED: Eddy Alexandre Pleads Guilty to Over $240 Million Cryptocurrency Fraud
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Cybercrime|Public Corruption
- Source: Official Source ↗
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