New York Judge Orders EminiFX Crypto Fraud Ringleader to Pay $228 Million in Fines

According to ChainCatcher, citing TheBlock, in 2022 the CFTC charged New York resident Eddy Alexandre and his company EminiFX, Inc., alleging that he raised $59 million from thousands of users for forex and cryptocurrency trading, and misappropriated a significant portion of the funds.

On Tuesday of this week, New York District Judge Valerie Caproni granted the Commodity Futures Trading Commission’s motion for summary judgment, ordering Alexandre and EminiFX to jointly and severally pay a total of approximately $228 million in restitution and to return $15.0495 million in illicit gains.

The U.S. Attorney’s Office for the Southern District of New York stated that Alexandre also faces criminal charges, has pleaded guilty, and has been sentenced to nine years in prison.