EmininFX CEO, Eddy Alexandre has reportedly pleaded guilty to charges of allegedly orchestrating a fraudulent scheme.
Reports state that Alexandre admitted to defrauding thousands of investors of over $248 million within seven months. Investors were lured in with the promise of earning high returns on their investments in digital assets and foreign exchange trades.
According to the US Attorney, Damien Williams, the defendant has been accused of using some of his customer’s funds for personal purchases.
“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 investor’s 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,” Williams said.
The DoJ added that Alexandre misappropriated the funds from tens of thousands of investors, diverting $14.7 million to his bank account.
Prosecutors disclosed that Alexandre diverted $155,000 of victims’ funds to purchase a BMW automobile while $13,000 was used to finance the purchase of a Mercedes Benz car.
