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EminiFX founder and CEO Eddy Alexandre arrested in New York


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 Could twelfth press-release, the DOJ declare

ALEXANDRE solicited greater than $59 million in investments from lots of of particular person buyers 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 completed on the promise of a ROI, purportedly generated by way of a foreign currency trading bot.

ALEXANDRE falsely represented to buyers 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 know-how as his “commerce secret” and refused to inform buyers what the know-how was.

Right here’s what truly occurred to invested funds;

EminiFX didn’t earn 5% weekly returns for its buyers. 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 speak in confidence to his buyers.

As an alternative of utilizing buyers’ funds as he had promised, ALEXANDRE misdirected at the least roughly $14,700,000 to his private checking account and failed to take a position the overwhelming majority of the buyers’ 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 buyers, associates and YouTube shills.

In our March overview, BehindMLM accurately recognized EminiFX’s securities fraud. We additionally accurately recognized EminiFX working as a Ponzi scheme.

Regardless of shedding hundreds of thousands of {dollars} when he tried to commerce, Eddy Alexandre fancied himself considerably of a buying and selling skilled:

Alexandre marketed himself via Constructing Wealth With Investments, on which EminiFX was listed as a web site associate:

And when he wasn’t operating $59 million greenback Ponzi schemes, Alexandre spoke at church buildings concentrating on the Haitian neighborhood within the US:

On the time of Alexandre’s arrest, SimilarWeb pegged 93% of site visitors to EminiFX’s web site as originating from the US.

If convicted Alexandre is dealing with 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 Could 2022 – Some further protection from Inside Metropolis Press, who attended Alexandre’s arraignment right this moment.

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 Could 12.

Anticipating case docket to be made public someday over subsequent 24 hours.



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