NEW YORK— A Manhattan federal judge has ordered Eddy Alexandre and his company, EminiFX, to pay more than $228 million after the Commodity Futures Trading Commission (CFTC) accused them of running a Ponzi scheme tied to foreign exchange and cryptocurrency trading, Bank Info Security reported.
Granting the CFTC’s motion for summary judgment, the court found that Alexandre and EminiFX misappropriated investor funds. Court records show more than 62,000 investors poured in over $262 million during the scheme’s eight-month run, with losses exceeding $49 million. At least $15 million was siphoned directly into Alexandre’s personal accounts.
Under the ruling, Alexandre and EminiFX must pay $228.6 million in restitution, while Alexandre was separately ordered to pay $15 million in disgorgement. Because restitution payments will offset disgorgement, the total owed does not stack. Alexandre previously pleaded guilty to related criminal charges brought by the U.S. Attorney’s Office in Manhattan and is currently serving a nine-year federal prison sentence, Bank Info Security said.