EminiFX CEO Fined $228 Million for Crypto Ponzi Scheme

- EminiFX and CEO Eddy Alexandre ordered to pay $228 million. - Ponzi scheme resulted in $49 million in investor losses. On August 20, 2025, the Commodity Futures Trading Commission (CFTC) announced that a federal judge ordered Eddy Alexandre and his firm, EminiFX, Inc., to pay $228 million in penalties. This penalty stems from their operation of a cryptocurrency and forex trading Ponzi scheme. The CFTC first charged Alexandre and EminiFX in May 2022, accusing them of soliciting $59 million from thousands of investors under false pretenses. Alexandre advertised his platform as a trading service using a "Robo-Advisor Assisted Account" and promised weekly returns between 5% and 9.99%. However, an investigation revealed the operation was a Ponzi scheme that collected $262 million in deposits over eight months. Alexandre did not use investor funds as claimed; instead, he misappropriated large sums for personal luxury expenses. Court documents show he spent money at high-end retailers like Saks Fifth Avenue and on luxury cars from BMW and Mercedes-Benz, flights, and upscale hotel stays. As a result, this misuse caused investors to lose a total of $49 million. In addition to the civil penalty, Alexandre faced criminal charges for commodities fraud, to which he pleaded guilty and was sentenced to nine years in prison. The restitution order requires Alexandre and EminiFX to jointly pay $228.5 million, while Alexandre is also solely responsible for an additional $15 million in disgorgement.