Forex Trading Platform
Forex Trading Platform. U.S. Attorney for the Southern District of New York Damian Williams today announced the guilty plea of EDDY ALEXANDRE, head of EminiFX, the so-called cryptocurrency and foreign exchange ("FX") trading platform, which is soliciting more than tens of thousands of individual investors in making $248 million was invested following false statements related to the EminiFX trading platform. U.S. District Judge John P. Cronan accepted the defendant's guilty plea..png "top 10 forex trading platforms best forex trading platform best forex trading platform for beginners forex trading app forex trading for beginners forex brokers forex trading platforms list forex trading platforms for beginners")
U.S. Attorney Damian Williams said: “Eddy Alexandre admitted today that he lured investors into his cryptocurrency investment scam by fabricating weekly returns of at least 5%. Investing, even using some of the funds for personal purchases. Alexandre’s scam cost investors millions, and the case should serve as another warning to cryptocurrency executives that the Southern District of New York is watching closely and stands ready to sue for any wrongdoing in the crypto market. "
According to the allegations in the indictment and other court filings and statements:
From or about September 2021 until and including May 2022, ALEXANDRE operates EminiFX, Inc. (“EminiFX”), an investment platform purportedly founded by ALEXANDRE, for which data Over $248 million has been invested there from tens of thousands of individual investors. ALEXANDRE markets EminiFX as an investment platform through which investors can earn passive income through automated cryptocurrency investing and Forex trading. ALEXANDRE offers his investors a "guaranteed" high return on investment using new technology that he claims is secret. Specifically, ALEXANDRE lied to investors that they would double their money within five months of investing by earning a return on their investment of at least 5% per week by trading using a “robo-advisor-backed account.” Alexander called the technology his "trade secret" and declined to tell investors what it was. Every week, EminiFX's website falsely claims to investors that they have earned at least 5% of their investment, which they can withdraw or reinvest.
In fact, as ALEXANDRE is well known, EminiFX does not earn a 5% weekly return for its investors. ALEXANDRE did not invest even a significant portion of the investor funds entrusted to him, and ALEXANDRE suffered millions of dollars in losses from the limited investment funds he did not disclose to investors. Additionally, instead of using investors' funds as he had promised, Alexander misdirected at least approximately $14,700,000 into his personal bank account. For example, Alexander used $155,000 of investor funds to buy himself a BMW car and used another $13,000 of investor funds to cover car payments, including a Mercedes Benz.
Alexander, 50, of Valley Stream, New York, pleaded guilty to commodity fraud and agreed to pay $248,829,276.73 in forfeiture and recover an amount to be determined by the court. Fraudulent goods offenses carry a maximum penalty of 10 years in prison.
The maximum sentence in this case is set by Congress and is presented here for information only, as each conviction for a defendant is determined by a judge. Judge Cronan's sentencing is set for July 12, 2023 at 4:00pm
Mr. Williams praised the FBI's investigative work and thanked the Commodity Futures Trading Commission, which has separately filed a civil lawsuit.
The case is being handled by the office's Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Nicholas Folly and Jared Lenow are leading the effort.
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U.S. Attorney Damian Williams said: “Eddy Alexandre admitted today that he lured investors into his cryptocurrency investment scam by fabricating weekly returns of at least 5%. Investing, even using some of the funds for personal purchases. Alexandre’s scam cost investors millions, and the case should serve as another warning to cryptocurrency executives that the Southern District of New York is watching closely and stands ready to sue for any wrongdoing in the crypto market. "
According to the allegations in the indictment and other court filings and statements:
From or about September 2021 until and including May 2022, ALEXANDRE operates EminiFX, Inc. (“EminiFX”), an investment platform purportedly founded by ALEXANDRE, for which data Over $248 million has been invested there from tens of thousands of individual investors. ALEXANDRE markets EminiFX as an investment platform through which investors can earn passive income through automated cryptocurrency investing and Forex trading. ALEXANDRE offers his investors a "guaranteed" high return on investment using new technology that he claims is secret. Specifically, ALEXANDRE lied to investors that they would double their money within five months of investing by earning a return on their investment of at least 5% per week by trading using a “robo-advisor-backed account.” Alexander called the technology his "trade secret" and declined to tell investors what it was. Every week, EminiFX's website falsely claims to investors that they have earned at least 5% of their investment, which they can withdraw or reinvest.
In fact, as ALEXANDRE is well known, EminiFX does not earn a 5% weekly return for its investors. ALEXANDRE did not invest even a significant portion of the investor funds entrusted to him, and ALEXANDRE suffered millions of dollars in losses from the limited investment funds he did not disclose to investors. Additionally, instead of using investors' funds as he had promised, Alexander misdirected at least approximately $14,700,000 into his personal bank account. For example, Alexander used $155,000 of investor funds to buy himself a BMW car and used another $13,000 of investor funds to cover car payments, including a Mercedes Benz.
Alexander, 50, of Valley Stream, New York, pleaded guilty to commodity fraud and agreed to pay $248,829,276.73 in forfeiture and recover an amount to be determined by the court. Fraudulent goods offenses carry a maximum penalty of 10 years in prison.
The maximum sentence in this case is set by Congress and is presented here for information only, as each conviction for a defendant is determined by a judge. Judge Cronan's sentencing is set for July 12, 2023 at 4:00pm
Mr. Williams praised the FBI's investigative work and thanked the Commodity Futures Trading Commission, which has separately filed a civil lawsuit.
The case is being handled by the office's Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Nicholas Folly and Jared Lenow are leading the effort.
Related searches
top 10 forex trading platforms
best forex trading platform
best forex trading platform for beginners
forex trading app
forex trading for beginners
forex brokers
forex trading platforms list
forex trading platforms for beginners
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