{"id":551199,"date":"2023-02-13T07:31:43","date_gmt":"2023-02-13T04:31:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-forex-platform-ceo-pleads-guilty-to-248m-fraud-scheme\/"},"modified":"2023-02-13T07:31:43","modified_gmt":"2023-02-13T04:31:43","slug":"crypto-forex-platform-ceo-pleads-guilty-to-248m-fraud-scheme","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-forex-platform-ceo-pleads-guilty-to-248m-fraud-scheme\/","title":{"rendered":"# Crypto, forex platform CEO pleads guilty to $248M fraud scheme"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f63b9250c0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f63b9250c0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-forex-platform-ceo-pleads-guilty-to-248m-fraud-scheme\/#%E2%80%9D_Crypto_forex_platform_CEO_pleads_guilty_to_248M_fraud_scheme_%E2%80%9C\" >&#8221; Crypto, forex platform CEO pleads guilty to $248M fraud scheme &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_forex_platform_CEO_pleads_guilty_to_248M_fraud_scheme_%E2%80%9C\"><\/span>&#8221; Crypto, forex platform CEO pleads guilty to $248M fraud scheme &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-4bbf85c5>Eddy Alexandre, CEO of purported crypto trading platform EminiFX has pleaded guilty to commodities fraud in a New York district court, agreeing to pay back millions to investors who lost funds to his &#8220;cryptocurrency investment scam.&#8221;<\/p>\n<p>The United States Department of Justice (DOJ) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/ceo-cryptocurrency-and-forex-trading-platform-pleads-guilty-over-240-million-scheme\">announced<\/a> on Feb. 10 that Alexandre submitted a guilty plea to one count of commodities fraud, and will pay over $248 million in forfeiture along with restitution yet to be specified.<\/p>\n<p>Alexandre was arrested and charged in May 2022 over his role in EminiFX and originally pleaded not guilty, but <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.justice.gov\/usao-sdny\/united-states-v-eddy-alexandre\">changed<\/a> his plea on Feb. 10. He faces a maximum sentence of 10 years in prison.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/a5ec91aa-bdd3-493d-b377-2e4876d48ae1.png\"><figcaption style=\"text-align: center;\"><em>An image of Alexandre <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>earing in an April 2022 video for EminiFX. Image: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.courtlistener.com\/docket\/63373229\/1\/united-states-v-alexandre\/\"><em>DOJ<\/em><\/a><\/figcaption><\/figure>\n<p>According to U.S. Attorney for the Southern District of New York, Damian Williams, from around September 2021 to May 2022, Alexandre ran the crypto and forex trading platform and \u201csolicited more than $248 million in investments from tens of thousands of individual investors.\u201d<\/p>\n<p>Williams said Alexandre purported EminiFX could give \u201cweekly returns of at least 5%\u201d but in reality, the CEO didn\u2019t invest a \u201csubstantial portion\u201d of the funds and \u201ceven used some funds for personal purchases.\u201d<\/p>\n<p>He touted EminiFX as a platform for passive income that used a secret new <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to automate trading in crypto and foreign currencies that \u201cguaranteed\u201d the stated returns on investment.<\/p>\n<p>Alexandre refused to state to investors what the technology was and promised they would double their money within five months. Investors in the scheme were falsely presented with information that they had earned the stated 5% returns.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto exchanges tackle insider trading after recent convictions<\/em><\/strong><\/p>\n<p>In reality, Alexandre lost millions of dollars on the funds he did invest \u2014 which he didn\u2019t disclose to investors.<\/p>\n<p>He also directed around $14.7 million to his personal bank account and used around $155,000 to buy a BMW and more on payments to a Mercedes Benz.<\/p>\n<p>Some of the EminiFX investors were supportive of Alexandre despite the fraud he committed.<\/p>\n<p>A handful <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a>ed from abroad to attend an August 2022 plea hearing according to an Aug. 10 Bloomberg <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-10\/investors-in-alleged-crypto-ponzi-scheme-eminifx-are-cheering-ceo-eddy-alexandre?leadSource=uverify%20wall\">report<\/a>. One supporter claimed the case against Alexandre was racist.<\/p>\n<p>He also faces a separate civil suit from the Commodity Futures Trading Commission (CFTC) which is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8527-22\">suing<\/a> Alexandre for \u201cfraudulent solicitation and misappropriation\u201d relating to crypto and foreign exchange trading.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-forex-platform-ceo-pleads-guilty-in-248m-fraud-scheme\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto, forex platform CEO pleads guilty to $248M fraud scheme &#8220; Eddy Alexandre, CEO of purported crypto trading platform EminiFX has pleaded guilty to commodities fraud in a New York district court, agreeing to pay back millions to investors who lost funds to his &#8220;cryptocurrency investment scam.&#8221; The United States Department of Justice (DOJ)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":551200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/af463fbe-54a0-4cfe-a25c-bd4e83f0d43e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[117,71433,71391,71006,55229],"class_list":["post-551199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-business","tag-court","tag-department-of-justice","tag-fraud","tag-law"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=551199"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/551200"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=551199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=551199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=551199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}