On November 7th, Damian Williams, the prosecutor for the New York area, and Michael J. Driscoll, the head of the FBI's New York office, announced that an unsealed indictment in the Manhattan federal court charged EDDY ALEXANDRE, the founder of EminiFX, with commodity fraud and telecommunications fraud. It is alleged that ALEXANDRE defrauded hundreds of individual investors of more than $59 million through his so-called cryptocurrency and forex trading platform, EminiFX. ALEXANDRE was arrested this morning and will appear before Southern District of New York Judge Katharine H. Parker later today. According to the indictment, ALEXANDRE used EminiFX's undisclosed "new technology" and promised high returns as bait to induce clients to invest. However, this technology does not actually exist, ALEXANDRE only invested a small portion of the funds (most of which were lost), and transferred most of the funds to his personal account to purchase luxury goods. ALEXANDRE faces a maximum sentence of 10 years in prison for commodity fraud and 20 years in prison for telecommunications fraud.