EminiFX Ponzi scammer Eddy Alexandre has been sentenced to 9 years in jail.
Following a responsible plea again in February, Alexandre was sentenced on July 18th.
Talking on Alexandre’s sentencing, U.S. Legal professional Damian Williams acknowledged;
Eddy Alexandre defrauded tens of 1000’s of strange buyers of virtually a quarter-billion {dollars} in his cryptocurrency funding rip-off.
Alexandre’s fraud was brazen and included fabricating weekly funding returns of at the very least 5% out of skinny air and falsely claiming to make use of synthetic intelligence buying and selling expertise that didn’t even exist.
Most egregiously, Alexandre recruited a lot of his buyers by exploiting his place of belief inside his church and the Haitian group, even going as far as to enlist members of the church to assist recruit EminiFX buyers.
As in the present day’s sentence demonstrates, cryptocurrency executives who lie and cheat their prospects will probably be held to account for his or her crimes.
EminiFX was an MLM crypto Ponzi scheme launched in late 2021. The Ponzi scheme pitched weekly returns to buyers, purportedly derived through foreign currency trading.
In actuality, what little buying and selling Alexandre did interact in resulted in substantial losses. Investor funds had been used to perpetuate a basic Ponzi scheme, with Alexandre skimming off the highest.
As a substitute of utilizing buyers’ funds as he had promised, ALEXANDRE additionally misdirected at the very least roughly $14,700,000 to his private checking account.
For instance, ALEXANDRE used $155,000 in investor funds to buy a BMW automotive for himself and spent a further $13,000 of investor funds on automotive funds, together with to Mercedes Benz.
EminiFX and Alexandre primarily focused Haitian communities within the US. Along with that, EminiFX was promoted by serial US resident Ponzi promoters on YouTube.
In what’s a uncommon occasion of authorities shutting down an MLM Ponzi scheme earlier than it collapsed, the FBI, DOJ and CFTC moved towards EminiFX in Might 2022.
Alexandre’s sentencing wraps up EminiFX felony proceedings. The CFTC’s civil case remains to be taking part in out.
As of Might 2023, the court-appointed EminiFX Receiver had recovered $173 million out of the $260 million invested.
