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Federal Judge Rules EminiFX a $228M Ponzi Scheme, Founder Sentenced
Federal Judge Rules EminiFX a $228M Ponzi Scheme, Founder Sentenced
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BTCCSquare news:
A New York federal court has declared EminiFX, a cryptocurrency investment platform, a Ponzi scheme. Founder Eddy Alexandre faces $228 million in restitution and a nine-year prison sentence after pleading guilty to commodities fraud.
The platform, launched in 2021, promised investors weekly returns of 5%-9.99% through a non-existent automated trading system. Alexandre Leveraged church and community ties to raise $262 million from over 25,000 investors before the scheme collapsed.
Judge Valerie Caproni's ruling marks the culmination of a three-year case brought by the CFTC. The judgment includes $15 million in disgorgement alongside the massive restitution order.
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