Focus

CEO of Crypto, Forex site pleads guilty in US$248 million fraud case

11 Feb 2023 11:15am
The CEO of cryptocurrency and foreign exchange site EminiFX, Eddy Alexandre, pleaded guilty in a US$248 million investor fraud case, reported Sputnik quoting a statement from the US Justice Department. - Photo: AFP
The CEO of cryptocurrency and foreign exchange site EminiFX, Eddy Alexandre, pleaded guilty in a US$248 million investor fraud case, reported Sputnik quoting a statement from the US Justice Department. - Photo: AFP

WASHINGTON - The CEO of cryptocurrency and foreign exchange site EminiFX, Eddy Alexandre, pleaded guilty in a US$248 million investor fraud case, reported Sputnik quoting a statement from the US Justice Department.

Alexandre solicited more than US$248 million in investments from tens of thousands of investors after making false representations in connection with EminiFX, the Justice Department said on Friday.

"Eddy Alexandre admitted today to luring investors to his cryptocurrency investment scam by fabricating weekly returns of at least 5 per cent. In reality, Alexandre failed to invest a substantial portion of this investors’ money and even used some funds for personal purchases. Alexandre’s scam caused investors to lose millions of dollars," US Attorney Damian Willams said in the statement.

The case should serve as a warning to cryptocurrency executives that the Southern District of New York is closely watching and ready to prosecute any misconduct in the cryptocurrency market, Williams added.

Alexandre pleaded guilty to one count of commodities fraud and agreed to pay US$248,829,276.73 in forfeiture, as well as restitution in an amount to be specified by the court, the statement said.

The commodities fraud offense carries a maximum sentence of 10 years in prison, the statement said. The court is set to determine a sentence in July, it added. - BERNAMA

Related Articles:
ceo
crypto
currency
forex
site
fraud
Cases
US
doj
EminiFX
More Like This
US President-elect Donald Trump on Sunday suggested that he may allow TikTok to continue operations in the United States. - Photo: XINHUA
US President-elect Donald Trump on Sunday suggested that he may allow TikTok to continue operations in the United States. - Photo: XINHUA
World Trump says may keep TikTok around 'for a little while'
The nation's top court is set to hear arguments on Jan 10 regarding whether the law unconstitutionally limits freedom of speech, in breach of the First Amendment.
Police officers stand guards during an anti-Yoon Suk Yeol public activity, as the South Korean President is expected to face impeachment following his declaration of an emergency martial law, in Seoul, South Korea, on 04 December, 2024. - Anadolu Agency file photo
Police officers stand guards during an anti-Yoon Suk Yeol public activity, as the South Korean President is expected to face impeachment following his declaration of an emergency martial law, in Seoul, South Korea, on 04 December, 2024. - Anadolu Agency file photo
World Police analysing Yoon's phone records in martial law probe
Police are also working to obtain a secure phone used by Yoon and its records from the Presidential Security Service.
Photo for illustrative purposes only - Canva
Photo for illustrative purposes only - Canva
World Health warning issued over flesh-eating ulcer in Southeast Australian state
The Department of Health in Victoria on Friday said that cases of Buruli ulcer are spreading across the state, including in inner Melbourne.
Donald Trump's transition team is pushing to pull the United States out of the WHO on the first day of the new administration, according to experts who warn of the "catastrophic" impact it would have on global health, the Financial Times reported. - Photo: XINHUA
Donald Trump's transition team is pushing to pull the United States out of the WHO on the first day of the new administration, according to experts who warn of the "catastrophic" impact it would have on global health, the Financial Times reported. - Photo: XINHUA
World US withdrawal from WHO would be 'catastrophic' - Expert
Members of Trump's team told experts of their intention to announce withdrawal from the global health body on the president-elect's Jan 20 inauguration, noting that the departure would remove WHO's biggest source of funds, damaging its ability to respond to public health crises such...