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EminiFX founder ordered to repay $228 million for Ponzi Scheme.
[Chain News] On August 20, news from the U.S. Federal Court in New York ruled that Eddy Alexandre, founder of the crypto assets and forex trading platform EminiFX, was sentenced to repay over $228 million for defrauding tens of thousands of investors through operating a Ponzi Scheme. In addition, he is also required to pay $15 million in illegal profit restitution.
EminiFX was established in 2021, claiming to provide weekly returns of 5%-9.99% through "robo-advisor accounts," but actually incurred losses of at least $49 million and did not use the technology it promoted. Alexandre is accused of misappropriating at least $15 million for personal expenses, including credit card bills, luxury cars, and cash withdrawals.
Previously, he had pleaded guilty in a criminal case and was sentenced to 9 years in prison, along with a requirement to pay $213 million in compensation. The court-appointed receiver has begun distributing the recovered funds to the victims.