The head of the EminiFX crypto exchange was accused of fraud for $ 59 million

The U.S. Attorney’s Office for the Southern District of New York and the FBI have charged a 50-year-old U.S. citizen with misleading promises of inflated returns on crypto investments.

Prosecutor’s office filed filed in federal court in Manhattan against New Yorker Eddy Alexander (Eddy Alexandre). The man was accused of stealing funds from hundreds of retail investors from September 2021 to May 2022 through his own trading platform EminiFX.

U.S. Attorney Damian Williams insists the suspect used his platform to gain investor confidence:

“Eddie Alexander convinced his clients to invest over $59 million by promising huge passive income through his own EminiFx trading platform.”

FBI assistant acting director Michael J. Driscoll insists the suspect “guaranteed unrealistic returns on investments”:

“Alexander has been asking for millions of dollars from unsuspecting investors, to whom he promised 5% weekly profits through his trading platform using new technology he refused to disclose.”

The FSB spokesman added that Alexander called the technology “his trade secret.” In fact, no technology existed, says Driscoll – it was a bait for investors. The lawsuit says that Alexander invested only a small part of the users’ money, and then lost it as a result of unsuccessful market operations.

Law enforcers assure that the owner of the exchange transferred the bulk of the user’s investments to his personal accounts for the purchase of luxury goods. As a result, Alexander was charged with fraud using cryptocurrencies, which can lead to a maximum total prison term of up to 30 years.

In April, the New Hampshire District Court reported that the organizers of the churches of the Church of the Invisible Hand and the Crypto Church of New Hampshire pleaded guilty to involvement in digital asset fraud.

Source: Bits

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