Eddie Alexander, CEO of cryptocurrency trading platform EminiFX, pleaded guilty to one case of commodity fraud and agreed to return $248.8 million.
Eddy Alexandre has raised investments from tens of thousands of people with the promise of at least 5% weekly returns, according to the US Attorney’s Office for the Southern District of New York. Which, of course, is not possible on a permanent basis.
“Alexander’s fraud led to the loss of millions of dollars by investors. This case should serve as another warning to cryptocurrency executives that the Southern District of New York authorities are closely monitoring and ready to prosecute any misconduct in the digital asset markets,” the prosecutor’s office said in a statement.
According to prosecutors, Eddie Alexander embezzled at least $14.7 million and also bought a BMW car with investors’ money. After pleading guilty, the former CEO of EminiFX faces up to 10 years in prison. He also agreed to reimburse $248.8 million in illegally obtained funds.
Last November, popular Instagram blogger Jebara Igbara pleaded guilty to money laundering using bitcoin.
Source: Bits
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