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Crypto Firm EminiFX CEO Pleads Guilty to $250 Million Scam, SDNY Says

Eddy Alexandre, the CEO of a purported cryptocurrency and currency trading platform called EminiFX, pleaded guilty to one count of commodities fraud and agreed to forfeit $248.8 million in addition to restitution, the U.S. Attorney's Office for the Southern District of New York said Friday. 

Alexandre was alleged to have solicited investments from tens of thousands of investors and fabricated weekly returns of at least five percent, U.S. Attorney Damian Williams said in a statement. 

Alexandre is alleged to have transferred at least $14.7 million to his personal bank account, and he used investor funds to purchase a BMW for himself. The offense to which he pleaded guilty carries a maximum sentence of 10 years in prisons. 

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