The CEO of cryptocurrency and forex trading platform EminiFX is now expected to plead guilty to his role in an alleged fraud that federal prosecutors say duped investors out of $59 million.

Eddy Alexandre, 51, of Valley Stream, N.Y., was arrested in May 2022 and charged with wire fraud and commodities fraud, to which he initially pleaded not guilty. Court records show that Alexandre will change his plea in a new hearing set for Friday afternoon. Inner City Press first reported the news.

According to prosecutors, Alexandre – who, before starting EminiFX was a long-time cybersecurity engineer – lured investors into his scheme by promising to double their money within five months, promising 5% weekly returns he allegedly generated through a secretive robo-advising technology.