EminiFX: Court Declares Cryptocurrency Investment Platform a Ponzi Scheme

A New York federal court has officially declared EminiFX, a cryptocurrency investment platform that promised automated trading profits, a Ponzi scheme. The ruling, issued by US District Judge Valerie Caproni, requires Eddy Alexandre, the founder of EminiFX, to pay over $228 million in restitution and an additional $15 million in disgorgement following a judgment by the US Commodity Futures Trading Commission (CFTC). Alexandre has already served a nine-year prison sentence after admitting to commodities fraud, resulting from his fraudulent practices that defrauded almost $250 million from over 25,000 investors.