New York judge orders EminiFX crypto fraud mastermind to pay $228 million in fines

ChainCatcher news, according to The Block, in 2022 the CFTC charged New York man Eddy Alexandre and his company EminiFX, Inc., alleging that he raised $59 million from thousands of users for forex and cryptocurrency trading and misappropriated a large amount of funds.

U.S. District Judge Valerie Caproni approved the Commodity Futures Trading Commission's motion for summary judgment this Tuesday, requiring defendants Alexandre and EminiFX to jointly pay approximately $228 million in damages and to return $15.0495 million in illegal proceeds.

The U.S. Attorney's Office for the Southern District of New York stated that Alexandre also faces criminal charges, pleaded guilty, and was sentenced to nine years in prison.