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Judge Orders EminiFX Founder to Pay $228M in Fraud Case
The post Judge Orders EminiFX Founder to Pay $228M in Fraud Case appeared on BitcoinEthereumNews.com. The CFTC secured the ruling, which also holds Alexandre liable for $15 million in disgorgement, on top of his nine-year prison sentence and a separate $213 million restitution order in a criminal case. EminiFX raised $262 million in just eight months by promising unrealistic weekly returns through fake robo-trading technology, while Alexandre siphoned millions for personal use. EminiFX Collapse Leaves Founder Owing Millions A federal judge in New York ordered Eddy Alexandre, the founder of the defunct crypto platform EminiFX, to pay more than $228 million in restitution after ruling that the company operated as a Ponzi scheme that defrauded tens of thousands of investors. The US Commodity Futures Trading Commission (CFTC) secured a summary judgment against Alexandre and EminiFX, with US District Judge Valerie Caproni holding them jointly liable for $228.5 million in restitution and Alexandre personally responsible for an additional $15 million in disgorgement. Case ruling (Source: CourtListener) The decision was made after more than three years of legal battles and comes just over a year after Alexandre pleaded guilty to commodities fraud in a parallel criminal case. For this case, he is serving a nine-year prison sentence and was separately ordered to pay $213 million in restitution. Press release from the US Attorney’s Office EminiFX launched in 2021, and quickly drew in more than 25,000 investors and raised $262 million in just eight months by promising weekly returns of up to 9.99% through a so-called “Robo-Advisor Assisted Account” that allegedly deployed automated crypto and forex trading strategies. In reality, the platform sustained losses of at least $49 million and never implemented the trading technology it claimed to use. Prosecutors found that Alexandre misappropriated at least $15 million for personal expenses, including luxury cars, credit card bills, and large cash withdrawals. Investor payouts were also made using funds…
The post Judge Orders EminiFX Founder to Pay $228M in Fraud Case appeared on BitcoinEthereumNews.com.
The CFTC secured the ruling, which also holds Alexandre liable for $15 million in disgorgement, on top of his nine-year prison sentence and a separate $213 million restitution order in a criminal case. EminiFX raised $262 million in just eight months by promising unrealistic weekly returns through fake robo-trading technology, while Alexandre siphoned millions for personal use. EminiFX Collapse Leaves Founder Owing Millions A federal judge in New York ordered Eddy Alexandre, the founder of the defunct crypto platform EminiFX, to pay more than $228 million in restitution after ruling that the company operated as a Ponzi scheme that defrauded tens of thousands of investors. The US Commodity Futures Trading Commission (CFTC) secured a summary judgment against Alexandre and EminiFX, with US District Judge Valerie Caproni holding them jointly liable for $228.5 million in restitution and Alexandre personally responsible for an additional $15 million in disgorgement. Case ruling (Source: CourtListener) The decision was made after more than three years of legal battles and comes just over a year after Alexandre pleaded guilty to commodities fraud in a parallel criminal case. For this case, he is serving a nine-year prison sentence and was separately ordered to pay $213 million in restitution. Press release from the US Attorney’s Office EminiFX launched in 2021, and quickly drew in more than 25,000 investors and raised $262 million in just eight months by promising weekly returns of up to 9.99% through a so-called “Robo-Advisor Assisted Account” that allegedly deployed automated crypto and forex trading strategies. In reality, the platform sustained losses of at least $49 million and never implemented the trading technology it claimed to use. Prosecutors found that Alexandre misappropriated at least $15 million for personal expenses, including luxury cars, credit card bills, and large cash withdrawals. Investor payouts were also made using funds…
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