- Eddy Alexandre, the CEO of EminFX, has been sentenced to nine years in prison for commodities fraud
- Alexandre defrauded over 25,000 investors of approximately $249 million through the crypto investment platform
- The scammer falsely promised guaranteed 5% weekly returns using secretive technology, leading to substantial losses for investors
Eddy Alexandre, the head of the massive crypto scam EminiFX, was last week sentenced to nine years in prison for defrauding over 25,000 investors out of a staggering $249 million. Alexandre presented Eminfx as a passive income platform, luring investors with claims of automated investments in cryptocurrency and forex trading. Alexandre ran EminiFX for just eight months but still managed to pull in a huge amount at a time when the crypto market was entering its bear market, exploiting his position of trust within his church and the Haitian community to pull in more victims.
5% Weekly Gains Promised
Alexandre marketed EminFX as a revolutionary passive income investment platform, luring investors with the assurance of high returns through automated investments in cryptocurrency and forex trading. He propagated the idea of guaranteed weekly returns of 5% using his self-proclaimed “trade secret” technology, accessible through a “Robo-Advisor Assisted account.”
Despite these lofty promises, EminFX failed to deliver the committed 5% weekly gains, leaving investors disappointed. Investigations revealed that Alexandre withheld a substantial portion of the invested funds, leading to substantial undisclosed losses. Nevertheless, the EminFX website continued to falsely display weekly returns of at least 5%, misleading investors into believing that their investments were thriving.
“Brazen” Fraud Ends in Jail
To sustain the illusion, Alexandre remained tight-lipped about his supposed revolutionary technology, further raising suspicions among investors. As the truth surfaced, it became evident that he had misappropriated approximately $14.7 million for personal expenses, including the purchase of luxury items such as a BMW and making car payments, including those for a Mercedes Benz.
Alexandre pleaded guilty to one count of commodities fraud in February this year and consented to forfeit $248.8 million, with additional restitution yet to be determined by the court. He was sentenced to nine years in prison last week, with U.S. Attorney General Damian Williams labeling Alexandre’s fraud as “brazen” and decrying the abuse of trust he exercised on his local community in pursuit of his scam.
