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Eddy Alexandre, CEO of EminiFX, has pleaded guilty to commodities fraud in a New York district court.
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He has agreed to pay back millions to investors who lost funds to his “cryptocurrency investment scam.”
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The United States Department of Justice announced that he will pay over $248 million in forfeiture along with restitution.
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Alexandre was arrested and charged in May over his role in EminiFX and originally pleaded not guilty but changed his plea on Feb. 10.
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He faces a maximum sentence of 10 years in prison.
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According to the U.S. Attorney for the Southern District of New York, Alexandre solicited more than $248 million in investments from tens of thousands of individual investors.
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He claimed EminiFX could give “weekly returns of at least 5%” but in reality, he didn’t invest a “substantial portion” of the funds.
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Some of the funds were even used for personal purchases.
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The events took place from September 2021 to May 2022.
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Eddy Alexandre's guilty plea to one count of commodities fraud marks the conclusion of his scam.