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Judge Orders EminiFX Founder to Pay $228 Million in Crypto Fraud Case
Judge Orders EminiFX Founder to Pay $228 Million in Crypto Fraud Case
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BTCCSquare news:
Eddy Alexandre, founder of the defunct crypto platform EminiFX, has been ordered to pay $228 million in restitution after a federal judge ruled the operation was a Ponzi scheme. U.S. District Judge Valerie Caproni issued the ruling following a CFTC case that revealed Alexandre siphoned $15 million for personal use while investors lost millions.
The platform, launched in 2021, attracted over 25,000 investors with promises of 5%-9.99% weekly returns through a purported automated trading system that never materialized. Alexandre faces a concurrent nine-year prison sentence in a related criminal case, marking one of the larger crackdowns on crypto fraud this year.
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