EminiFX founder to pay $228M in Ponzi scheme ruling

A US judge ruled EminiFX and its founder, Eddy Alexandre, must repay $228 million after running a Ponzi scheme that defrauded thousands of investors.

A federal judge in New York ordered Eddy Alexandre, founder of the collapsed crypto platform EminiFX, to pay more than $228 million in restitution after ruling the company was a Ponzi scheme that defrauded tens of thousands of investors.

The US Commodity Futures Trading Commission (CFTC) secured a summary judgment against Alexandre and EminiFX, with US District Judge Valerie Caproni holding them jointly liable for more than $228 million in restitution and an additional $15 million in disgorgement, according to a Tuesday court filing.

“Defendants Alexandre and EminiFX are jointly and severally liable to pay restitution in the total amount of $228,576,962,” the court ruled. “Defendant Alexandre is liable to pay disgorgement in the amount of $15,049,500.”

Read more