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HomeNetworkCFTC secures EminiFX restraining order towards Eddy Alexandre

CFTC secures EminiFX restraining order towards Eddy Alexandre

The CFTC has secured injunctive reduction towards EminiFX and proprietor Eddy Alexandre.

Unsealing of the CFTC’s case right this moment confirms Alexandre is going through each civil and legal fraud costs.

The CFTC’s case towards Alexandre was filed beneath seal on Might tenth.

Following Alexandre’s arrest on Might eleventh, the CFTC filed a movement requesting their case be unsealed. The courtroom granted the CFTC’s movement on Might twelfth.

Later that very same day the courtroom awarded the CFTC a ex-parte statutory restraining order and injunction towards Alexandre.

Because of this order, an unbiased Receiver has been put in control of EminiFX.

The CFTC’s grievance was filed alongside legal proceedings towards Alexandre.

As alleged by the CFTC, Alexandre launched EminiFX on or round September 2021.

Eddy Alexandre, individually and as principal and agent of EminiFX, Inc., has fraudulently solicited, accepted, and pooled a minimum of $59 million from lots of of members of most of the people to purportedly commerce overseas foreign money trade and cryptocurrencies in addition to futures and choices in an funding membership, when the truth is the Defendants misappropriated the overwhelming majority of participant funds to pay members in a Ponzi-like scheme or for Alexandre’s private bills.

The CFTC alleges EminiFX took in $59 million {dollars} from “lots of of members”.

BehindMLM revealed its EminiFX evaluate again in March, appropriately figuring out it as a Ponzi scheme.

The ruse behind EminiFX was a buying and selling bot. This is likely one of the most typical MLM Ponzi ruses used right this moment.

As revealed by the CFTC;

  • Eddy Alexandre solely traded $9 million of the $59 million invested into EminiFX;
  • Alexandre didn’t commerce foreign exchange and crypto as represented, as a substitute he traded shares, broad-based index futures, together with E-mini S&P 500
    futures contracts, E-mini Nasdaq 100 futures contracts, E-mini Russell 2000 futures contracts;
    and Dow Futures Mini contracts
  • of the invested funds he did commerce, Alexandre sustained heavy losses ($6.2 million, representing about 70% of the buying and selling precept);
  • Alexandre redirected $14.7 million of the $59 million invested into EminiFX to himself;
  • vital extra funds have been transferred to Alexandre’s “associates”;
  • Alexandre lied about EminiFX making members millionaires;
  • Alexandre represented himself to be a millionaire, when the truth is he was a twice bankrupt charlatan with a unfavorable net-worth of $122,838 previous to launching EminiFX; and
  • at no level was Alexandre or EminiFX registered with the CFTC, as was legally required

Some participant funds have been distributed to people, together with a minimum of $200,000 to 1 particular person. Further participant funds have been donated to charities chosen by Alexandre.

Alexandre additionally used participant funds to pay for enterprise and private bills.

For instance, Alexandre used participant funds to make funds to BMW, Mercedes Benz, Saks Fifth Avenue, flights, luxurious inns and attire, and occupational and bodily remedy.

Alexandre additionally used substantial participant funds to hire and furnish workplace area for EminiFX and to throw “galas” on behalf of EminiFX, which Defendants used to solicit extra contributions from members.

Alexandre’s conduct constitutes violations of the Commodity Alternate Act, in addition to CFTC rules.

The CFTC’s grievance particulars six counts of fraud towards EminiFX and Alexandre.

Aid requested by the FTC contains:

  • affirmation EminiFX and Alexandre violated the Commodities and Alternate Act;
  • a everlasting injunction;
  • disgorgement;
  • restitution;
  • a civil financial penalty; and
  • authorized prices

On Might twelfth the courtroom granted the CFTC an ex-parte statutory restraining order (SRO). That is the equal of the Non permanent Restraining Orders we normally see.

The SRO acknowledges the CFTC “has made a correct prima facie exhibiting” that, by way of EminiFX, Alexandre dedicated fraud.

Because of the SRO, EminiFX and its belongings have been put beneath management of a Non permanent Receiver. Eddy Alexandre’s belongings have been frozen.

The SRO and Non permanent Receiver are in place till a scheduled preliminary injunction listening to on Might twenty fourth.

On that date, if a preliminary injunction is granted, the EminiFX Non permanent Receiver will develop into everlasting.

This can see the method of securing EminiFX belongings (together with potential clawback from EminiFX’s prime promoters and earners), with the intention of eventual distribution to the Ponzi scheme’s victims.

Pending any updates between now and Might twenty fourth, our subsequent CFTC EminiFX case replace will possible be on Might twenty fifth.

I’m conscious scammers related to Eddy Alexandre are nonetheless holding Zoom calls claiming to signify EminiFX. EminiFX is beneath management of the Non permanent Receiver as of Might twelfth.

The appointed EminiFX Non permanent Receiver is Dave A. Castleman, a accomplice of the New York regulation agency Raines Feldman.

Restoration scammers are possible working rife. Contact from anybody concerning EminiFX who isn’t Dave Castleman representing the EminiFX Receivership must be discarded.

Within the occasion scammers impersonate Castleman or the EminiFX Non permanent Receivership, know that at no level will the Non permanent Receivership ask EminiFX victims for cash or make any guarantees or representations concerning fund restoration.

Anybody who tells you they’ll get your EminiFX a reimbursement is mendacity to you. Anybody claiming to signify EminIFX, on Zoom calls or in any other case, is mendacity to you.

Welcome to the Ponzi end-game.

Having lined MLM fraud for over a decade, I can respect the frustration of victims. Merely put although; I don’t have the persistence for it.

If you wish to rage within the feedback, “faux information! I put a voodoo curse on your loved ones! and so forth and so forth.”, it’ll be marked as spam.

If you wish to get indignant, take out your frustrations on the scammers who recruited you into EminiFX.

Additionally a reminder to the YouTube promoters who’re nonetheless at it: Recruiting individuals into scams is fraud. It’s simply as unlawful as working the scams.

“I’m not a monetary advisor and this isn’t monetary recommendation” shouldn’t be a authorized protection towards Securities and Alternate Act and Commodity Alternate Act violations.

You run the danger of getting civil regulatory motion filed towards you. In addition to clawback litigation to get well what you’ve stolen.



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