On July 18, Eddy Alexandre, the CEO of EminiFX, a cryptocurrency and forex trading platform, was sentenced to nine years in prison by United States District Judge John P. Cronan.
Alexandre was found guilty of defrauding over 25,000 investors of more than $248 million through his fraudulent investment platform.
The Deceptive Crypto Scheme Exposed
Alexandre’s EminiFX promised investors passive income through automated investments in the digital currency and foreign exchange markets.
The “Robo-Advisor Assisted account” offered by EminiFX claimed to double investors’ money within five months, luring thousands to participate in the venture.
However, the reality was far from the promised returns as investigations revealed that Alexandre did not invest a substantial portion of the funds entrusted to him by investors.
Instead, he fabricated weekly returns of 5% to attract new investors, leading them to believe that their investments were growing steadily.
In truth, the platform w
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