EminiFX CEO of cryptocurrency exchange admits to commodity fraud and agrees to forfeit nearly $250 million

ChainCatcher news, according to The Block, the U.S. Attorney's Office for the Southern District of New York stated that EminiFX CEO Eddy Alexandre has pleaded guilty to commodity fraud and agreed to forfeit $248.8 million in addition to restitution.

U.S. Attorney Damian Williams stated that Alexandre was accused of raising funds from tens of thousands of investors, claiming a return rate of at least 5% per week, resulting in millions of dollars in losses for investors. Alexandre transferred at least $14.7 million to his personal bank account and used investor funds to purchase a BMW. The commodity fraud charge he pleaded guilty to carries a maximum sentence of 10 years in prison. (The Block)