EminiFX CEO Sentenced to 9 Years of Imprisonment

On July 18, Eddy Alexandre, the CEO of EminiFX, a platform for cryptocurrency and forex trading, received a nine-year prison sentence from United States District Judge John P. Cronan.

Starting in September 2021 until around May 2022, ALEXANDRE operated EminiFX, Inc., an investment platform he founded, managing to attract more than 25,000 individual investors and soliciting over $248 million in investments. Promoting EminiFX as an opportunity for passive income through automated investments in cryptocurrency and forex trading, ALEXANDRE guaranteed high returns using a purported secret technology. He claimed that investors could double their money within five months, earning at least 5% weekly returns through a “Robo-Advisor Assisted account” for trading. ALEXANDRE referred to this technology as his “trade secret,” refusing to divulge its details. On a weekly basis, EminiFX's website falsely reported that investors had earned at least 5% returns on their investments, which they could either withdraw or reinvest.

In reality, ALEXANDRE knew that EminiFX did not achieve the promised 5% weekly returns for its investors. He did not invest a substantial portion of the funds entrusted to him and incurred millions of dollars in losses on the limited portion he did invest, failing to disclose this to his investors. Shockingly, ALEXANDRE diverted around $14.7 million to his personal bank account instead of using it as he had promised. For instance, he used $155,000 of investor funds to buy a BMW for himself and spent an additional $13,000 on car payments, including to Mercedes Benz.

“This was a calculated, planned, and ongoing fraud. The reach of the fraud is vast,” stated the US Judge.

The consequences of Alexandre's fraudulent actions were extensive. He exploited his position of trust within his church and community to recruit new investors, causing financial devastation for his victims and severely damaging the trust of the Haitian-American community he was a part of.

Phucien Baptiste, one of the victims who invested $25,000, directly challenged Alexandre in Court, saying, “Do you have a heart, Mr Alexandre？ I invested in this Ponzi scheme Mr Alexandre brought to the community. Mr Alexandre took this opportunity to rob the community.”

Ermine Mompremier, another user of EminiFX, expressed, “It was the best thing that could happen to me. I was able to help me. It's hard to see something that was so good turn bad like people say.”

During the hearing, Alexandre also spoke, acknowledging the gravity of his actions and offering sincere apologies to the Court and all those affected. He recognized the experience as a wake-up call and expressed his willingness to make amends.

The sentencing hearing was emotionally charged, lasting four hours, as prosecutors and victims confronted the defence and supporters of Alexandre inside the courtroom.

In addition to serving a nine-year prison term, ALEXANDRE, aged 51, residing in Valley Stream, New York, was sentenced to three years of supervised release and ordered to pay $248,829,276.73 in forfeiture and $213,639,133.53 in restitution.