CFTC wins lawsuit, forcing crypto fraudster Eddy Alexandre to pay $228.5 million

A federal judge has ruled that Eddy Alexandre and company #EminiFX must pay $228.5 million to victims of a cryptocurrency Ponzi scheme. This ruling came after the Commodity Futures Trading Commission (CFTC) won the lawsuit against Alexandre.

Details of the fraud

From September 2021 to May 2022, Alexandre lured more than 25,000 investors, primarily from the Haitian community in Long Island and his own church, by promising weekly returns of 5% to 9.99% through "secret" AI trading technology. However, in reality, EminiFX suffered losses in 24 out of 30 weeks of operation. Alexandre embezzled at least $15 million for luxury purchases, including high-end cars.

Legal consequences

The civil judgment of #CFTC was made after Alexandre was sentenced to 9 years in prison in July 2023. Although Alexandre attempted to represent himself, the court accepted the evidence from the CFTC, stating that the defendant's fraudulent behavior was too clear. This case serves as a warning to investors about unusual profit promises. It also shows that regulatory agencies like the CFTC are actively working to protect consumers from fraudulent activities in the cryptocurrency space. #anhbacong