• The CEO agreed to give back approximately $248 million as per DOJ.
• Eddy advertised EminiFX as a passive income platform.

With his guilty plea to commodities fraud in a New York district court, Eddy Alexandre, the apparent CEO of cryptocurrency trading platform EminiFX, agreed to reimburse victims of his “cryptocurrency investment scam” to the tune of millions.

On February 10th, the US Department of Justice (DOJ) reported that Alexandre pleaded guilty to commodities fraud on one count and agreed to give back approximately $248 million and make other unspecified payments in restitution.

After first pleading not guilty to charges related to EminiFX, Alexandre recanted his position on the 10th of February. He might get up to ten years in jail for his crime.

Advertised as Passive Income Platform

United States Attorney for the Southern District of New York Damian Williams claims that Alexandre ran the cryptocurrency and foreign exchange trading platform and procured over $248M in investments from thousands of investors between September 2021 and May 2022.

According to Williams, Alexandre claimed EminiFX could generate “weekly returns of at least 5%,” but the CEO really only invested a small percentage of the money and even utilized some monies for personal expenditures.

He advertised EminiFX as a passive income platform that uses cutting-edge, top-secret technology to automate currency and cryptocurrency trading, therefore assuring the claimed rates of return.

Alexandre lied to investors by withholding details about the technology and promising a double return on their investment in only five months. False information claiming that investors had received the promised 5% returns was sent to them.

As a matter of fact, Alexandre lost millions of dollars on the money he did invest, and he never told his backers about it.