The chief executive officer of EminiEX, a cryptocurrency and forex trading platform, Eddy Alexandre, claimed guilty related to a commodities scam in a New York district court.
He also agreed to repay millions to investors who misplaced capital to his “cryptocurrency investment fraud.”
On February 10, The United States Department of Justice publicized that Alexandre gave a guilty plea to one of the commodities scams, and will give money surpassing $248 million in confiscation as well as compensation is still to be determined.
Credit: Google
In May 2022, the mentioned CEO of EminiFX was arrested as well as charged for his role in the company and then claimed not guilty, but the plea was altered on February 10. He experiences an extreme sentence of 10 years in prison.
What did the U.S. attorney say?
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If we go through the U.S. Attorney for the Southern District of New York, Damian Williams, revealed that in between September 2021 to May 2022, Alexandre headed EminiFX and asked for over $248 million in investments from thousands of individual investors.
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Williams further explained that Alexandre claimed that the crypto and forex platform, EminiFX can give “weekly returns of minimum 5%” but actually, the head did not invest a significant portion of the capitals and even utilised some capitals for personal buying.”
Alexandre was not ready to reveal to investors the name of the technology he used and guaranteed they would double their fund in just five months. Investors indulged in the scheme were not given the correct information that they have acquired the given 5% returns.
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But actually, Alexandre lost millions of dollars he invested, which he chose not to reveal to the investors. He also shifted about $14.7 million dollars to the bank account in his personal use and also took $155,000 to purchase a BMW and much on payments to a Mercedes Benz.