Pastor Ordered to Pay $228M in Landmark Crypto Ponzi Case After Promising 5-10% Weekly Returns

Another day, another crypto scam—this time with a heavenly twist.

The CFTC just dropped the hammer on a pastor-turned-fraudster who promised investors divine returns of 5-10% per week. Spoiler: the only miracle here was how fast $228 million vanished.

Holy Returns or Hollow Promises?

Using scripture and slick marketing, the pastor lured believers into a classic Ponzi scheme—paying old investors with new money while pretending crypto genius fueled the profits. The weekly returns? Pure fiction. The faith? Exploited.

When the house of cards collapsed, the CFTC swooped in. Now, a federal judge has ordered full restitution—every cent of that $228 million—plus permanent trading bans. Lesson learned: if it sounds too good to be true, it probably is—even if it’s preached from a pulpit.

Another reminder that in crypto, trust should be earned, not sermonized.

From Church Pulpit to Federal Prison Through Fraudulent Investment Club

Alexandre marketed EminiFX as an “” offering easy access to cryptocurrency and forex trading using advanced technology that never existed.

The unregistered operation attracted tens of thousands of investors between September 2021 and May 2022 through promises of doubling investments within five months.

The scheme’s fraudulent nature became apparent through court findings that EminiFX experienced net losses exceeding $49 million despite reporting astronomical returns.

Even during its best-performing week, when Alexandre claimed 9.98% returns, actual performance reached only 2.28%.

Alexandre’s recruitment strategy heavily exploited his religious position and community standing within the Haitian church network.

He enlisted congregation members to help recruit EminiFX investors, leveraging sacred trust relationships to expand the fraudulent operation across ethnic and religious communities.

The fake technology claims centered on a “Robo-Advisor Assisted Account (RA3)” that Alexandre promoted as his “trade secret.”

CEO of cryptocurrency and forex trading platform sentenced to nine years in prison for $240 million scheme to defraud investorshttps://t.co/z3zqdIfs1F

He refused to explain the technology’s workings while guaranteeing it WOULD generate consistent weekly profits through automated trading algorithms.

Court documents revealed Alexandre used $155,000 in investor funds to purchase a BMW for himself and spent an additional $13,000 on luxury car payments to Mercedes-Benz.

His misappropriation totaled at least $15 million transferred from investor accounts to personal banking and investment accounts.

The Ponzi structure became evident as approximately $34 million in withdrawals to earlier investors came from the same commingled pool containing new investor contributions.

Many participants withdrew more than their original deposits, while later investors lost everything when the scheme collapsed.

Alexandre’s guilty plea in the parallel criminal case established his liability through collateral estoppel, with admissions that reported return figures “were not based on investment returns” and that the promised technology remained non-existent throughout operations.

Massive Financial Damage and Regulatory Response

The court determined that over eight months of operation, EminiFX collected more than $262 million from tens of thousands of investors while losing money consistently.

The scheme’s brief duration contrasted with its massive scale and devastating financial impact on victims.

Alexandre’s criminal sentencing in July 2023 included nine years of imprisonment and orders to pay more than $213 million in restitution.

The civil judgment added $228.6 million in restitution jointly imposed on both Alexandre and EminiFX, with Alexandre facing an additional $15 million disgorgement for personal enrichment.

An equity receiver appointed by the court gained exclusive control over EminiFX assets and developed distribution plans approved in January 2025.

CFTC Faces Enforcement Credibility Questions Amid Gemini Controversy

The Alexandre judgment comes as allegations have been uncovered from crypto exchange Gemini accusing the CFTC of conducting vindictive “lawfare” campaigns prioritizing career advancement over legitimate regulation.

@Gemini files complaint accusing @CFTC of 7-year "lawfare" campaign based on false whistleblower claims from discredited former COO who facilitated $7.45 million fraud then sought revenge.#Gemini #Cftchttps://t.co/b01m83a4BG

In June, Gemini filed a complaint with the CFTC Inspector General alleging that enforcement lawyers “selectively and unfairly weaponized” federal law during a seven-year investigation that originated from false whistleblower allegations made by former employee Benjamin Small, who was terminated for facilitating a $7.45 million fraud scheme.

Despite a 2022 arbitrator ruling that found Small “fraudulently procured his employment” and “lied repeatedly,” the CFTC continued pursuing Gemini while taking no action against him.

Small may now receive a $1.5 million whistleblower award for his false allegations, while Gemini paid a $5 million settlement in January 2025 despite the agency never producing evidence of intentional wrongdoing.