EminiFX founder Eddy Alexandre has pled guilty to one count of commodities fraud.

Alexandre’s guilty plea includes $248.8 million forfeiture judgment.

Alexandre signalled to the court he intended to change his plea in a February 8th filed Memorandum.

The court held a Change of Plea hearing on February 10th, at which Alexandre changed his
June 2022 not guilty plea
.

Alexandre was originally indicted in early 2022 on one count of commodities fraud and one count of wire fraud. The wire fraud count has been dropped as per Alexandre’s plea deal.

Alexandre has also consented to a $248,829,276.73 money judgment,

representing the amount of proceeds traceable to the offense charged in Count One of the Indictment that the Defendant personally obtained.

The amount is a vast increase from the $59 million the DOJ identified at the time of Alexandre’s
May 2022 arrest
.

And on on top of the $248 million forfeiture judgment, additional restitution is to be determined at Alexandre’s sentencing.

Speaking on Alexandre’s guilty plea, U.S. Attorney Damian Williams stated;

Eddy Alexandre admitted today to luring investors to his cryptocurrency investment scam by fabricating weekly returns of at least 5%.

In reality, Alexandre failed to invest a substantial portion of this investors’ money and even used some funds for personal purchases.

Alexandre’s scam caused investors to lose millions of dollars, and this case should serve as yet another warning to cryptocurrency executives that the Southern District of New York is closely watching and ready to prosecute any and all misconduct in the crypto markets.

The
DOJ’s press-release
additionally notes;

In truth and in fact, and as ALEXANDRE well knew, EminiFX did not earn 5% weekly returns for its investors.

ALEXANDRE did not even invest a substantial portion of the investor funds entrusted to him, and ALEXANDRE sustained millions of dollars in losses on the limited portion of funds that he did invest, which he did not disclose to his investors.

Instead of using investors’ funds as he had promised, ALEXANDRE also misdirected at least approximately $14,700,000 to his personal bank account.

For example, ALEXANDRE used $155,000 in investor funds to purchase a BMW car for himself and spent an additional $13,000 of investor funds on car payments, including to Mercedes Benz.

The CFTC filed
paralell civil commodities fraud proceedings
against Alexandre. The CFTC’s case was stayed in September 2022, pending the outcome of his criminal case.

It’s likely Alexandre will be quick to settle with the CFTC once the case is reopened.

On the count of commodities fraud, Alexandre is facing up to ten years in prison. Alexandre’s sentencing has been scheduled for July 12th.

BehindMLM
correctly identified EminiFX as a Ponzi scheme
in March 2022.

Update 22nd April 2023 – 
As per an April 10th filed request from Alexandre, his sentencing has been rescheduled for July 18th.

Update 20th July 2023 – 
Eddy Alexandre

🤖 Quick Answer

What charges did Eddy Alexandre plead guilty to in the EminiFX fraud case?
Eddy Alexandre, founder of EminiFX, pled guilty to one count of commodities fraud. A wire fraud charge was subsequently dropped as part of his plea agreement with the court during a Change of Plea hearing held on February 10th.

What financial restitution did Alexandre agree to pay?
Alexandre consented to a money judgment of $248,829,276.73, representing proceeds traceable to the commodities fraud offense. This amount reflects funds the defendant personally obtained through illegal activities related to the indictment.

When did Alexandre change his previous plea?
Alexandre initially entered a not guilty plea in June 2022 following his indictment in early 2022. He signaled his intention to change this plea through a February 8th Memorandum, with the formal Change of Plea

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