EminiFX founder and CEO Eddy Alexandre has been arrested for commodities and wire fraud.
The DOJ alleges EminiFX was a $59 million greenback Ponzi scheme.
As per a Might twelfth press-release, the DOJ declare
ALEXANDRE solicited greater than $59 million in investments from a whole bunch of particular person traders after making false representations in reference to the EminiFX buying and selling platform.
EminiFX, as reviewed right here on BehindMLM again in March, soliciited investments of as much as $2 million. This was finished on the promise of a ROI, purportedly generated by way of a foreign currency trading bot.
ALEXANDRE falsely represented to traders that they might double their cash inside 5 months of investing by incomes a 5% weekly return on their funding utilizing a “Robo-Advisor Assisted account” to conduct buying and selling.
ALEXANDRE referred to this expertise as his “commerce secret” and refused to inform traders what the expertise was.
Right here’s what really occurred to invested funds;
EminiFX didn’t earn 5% weekly returns for its traders. ALEXANDRE didn’t even make investments the overwhelming majority of investor funds entrusted to him, and ALEXANDRE sustained over $6 million in losses on the restricted portion of funds that he did make investments, which he didn’t confide in his traders.
As a substitute of utilizing traders’ funds as he had promised, ALEXANDRE misdirected no less than roughly $14,700,000 to his private checking account and failed to take a position the overwhelming majority of the traders’ funds.
For instance, ALEXANDRE used $155,000 in investor funds to buy a BMW automobile for himself and spent a further $13,000 of investor funds on automobile funds, together with to Mercedes Benz.
The remainder of the funds invested into EminiFX have been used to pay early traders, associates and YouTube shills.
In our March evaluate, BehindMLM accurately recognized EminiFX’s securities fraud. We additionally accurately recognized EminiFX working as a Ponzi scheme.
Regardless of dropping thousands and thousands of {dollars} when he tried to commerce, Eddy Alexandre fancied himself considerably of a buying and selling professional:
Alexandre marketed himself by means of Constructing Wealth With Investments, on which EminiFX was listed as an internet site accomplice:
And when he wasn’t working $59 million greenback Ponzi schemes, Alexandre spoke at church buildings concentrating on the Haitian group within the US:
On the time of Alexandre’s arrest, SimilarWeb pegged 93% of visitors to EminiFX’s web site as originating from the US.
If convicted Alexandre is going through as much as thirty years in jail.
At time of publication Alexandre’s beforehand sealed felony case has but to point out up on Pacer.
Keep tuned for docket updates as we proceed to trace the case.
Replace thirteenth Might 2022 – Some further protection from Inside Metropolis Press, who attended Alexandre’s arraignment at present.
Eddy Alexandre, charged with commodities fraud in reference to a purported cryptocurrency and foreign currency trading platform named EminiFX, was ordered launched on $3 million bond on Might 12.
Anticipating case docket to be made public someday over subsequent 24 hours.
Replace 14th Might 2022 – Public entry to Alexandre’s case docket continues to be unavailable.
I’ve revealed an replace on Alexandre’s felony proceedings, detailing how the FBI took him down.
Alexandre has been launched on $3 million bond. He’s topic to 24/7 residence incarceration in New York.
Anticipating public entry to Alexandre’s felony case docket subsequent week. After I’ve go that I’ll be capable of present additional particulars.
Replace seventeenth Might 2022 – Alexandre’s felony case docket is now public so I’ve revealed the present standing of the case.