Eddy Alexandre, the founder of EminiFX, has been ordered by a federal judge to pay 228 million USD in restitution to defrauded investors. The judge, Valerie Caproni, held that EminiFX operated as a Ponzi scheme and found both Alexandre and the company liable.
EminiFX raised over 262 million USD over eight months, attracting more than 25,000 investors with promises of high returns. Investigations revealed that Alexandre misappropriated at least 15 million USD from the company, funding personal expenses and luxury purchases from investor funds.
Alexandre has been sentenced to nine years in prison on charges of commodities fraud. The civil ruling adds financial recoveries to the criminal charges, mandating repayments while also addressing the losses sustained by the victims of the scheme.
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