Crypto and Forex Trading Platform CEO is Sentenced to Nine Years in Prison for a $240M Fraud Scheme
In Brief
The CEO of a cryptocurrency and forex trading platform EminiFX, Eddy Alexandre, was sentenced to nine years in prison.
Alexandre stole more than $248 million from over 25,000 investors on the EminiFX trading website.
Additionally to the nine-year prison term, Eddy Alexandre was given a three-year sentence of probation. The individual must also pay $248,829,276.73 in forfeiture and restitute $213,639,133.53.
The CEO of a cryptocurrency and forex trading platform, Eddy Alexandre, was sentenced to nine years in prison. Alexandre is the leader of EminiFX, a foreign exchange and cryptocurrency trading platform.
The news was announced by the United States Attorney for the Southern District of New York, Damian Williams, on July 18. According to the announcement released on the official website of the United States government, Alexandre stole more than $248 million from over 25,000 investors on the EminiFX trading website.
The individual reportedly operated EminiFX from about September 2021 up to about May 2022. Eddy Alexandre marketed EminFX as an investment platform that would enable investors to make passive income thanks to automated investments in cryptocurrency and forex trading.
The executive also claimed to have access to secret new technologies that would provide his clients with “guaranteed” high investment returns. In addition, he told investors that they could make at least 5% weekly returns on their investment by utilizing a “Robo-Advisor Assisted account.” The latter was supposed to help individuals perform trading actions that would double their money within five months of investing. Then, the trading platform showed clients that they earned at least 5% on their investments each week. At that point, individuals could either withdraw their funds or reinvest.
In reality, the platform did not earn 5% weekly returns. According to the United States Attorney, Alexandre did not invest a significant amount of the investor funds given to him. The small portion of the funds he invested, which were millions, were lost. Alexandre concealed this from investors.
More than that, the individual reportedly directed approximately $14,700,000 to his personal bank account. He used the funds to purchase a BMW and a Mercedes-Benz car.
Additionally to the nine-year prison term, Eddy Alexandre was given a three-year sentence of probation. The individual must also pay $248,829,276.73 in forfeiture and restitute $213,639,133.53.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
