ChainCatcher news, according to Bloomberg, the Manhattan federal court has sentenced Eddy Alexandre, founder and CEO of the cryptocurrency and forex trading platform EminiFX, to nine years in prison for operating a cryptocurrency Ponzi scheme, defrauding over 25,000 investors of more than $248 million through his cryptocurrency and forex platform. The sentence was handed down more than four months after the cryptocurrency fraudster pleaded guilty to commodity fraud.Previous report, Alexandre was accused of raising funds from tens of thousands of investors. Between September 2021 and May 2022, Alexandre attracted over 25,000 investors by offering an enticing return of 5% per week, netting over $248 million. His cryptocurrency and forex platform operated as a multi-level marketing scheme, encouraging old investors to recruit new users for the platform.

ChainCatcher news, according to The Block, the U.S. Attorney's Office for the Southern District of New York stated that EminiFX CEO Eddy Alexandre has pleaded guilty to commodity fraud and agreed to forfeit $248.8 million in addition to restitution.U.S. Attorney Damian Williams stated that Alexandre was accused of raising funds from tens of thousands of investors, claiming a return rate of at least 5% per week, resulting in millions of dollars in losses for investors. Alexandre transferred at least $14.7 million to his personal bank account and used investor funds to purchase a BMW. The commodity fraud charge he pleaded guilty to carries a maximum sentence of 10 years in prison. (The Block)

ChainCatcher news, according to CoinDesk, EminiFX CEO Eddy Alexandre may plead guilty to charges related to an alleged $59 million Ponzi scheme. Alexandre was arrested last May and charged with wire fraud and commodities fraud, but he initially pleaded not guilty. Court records show that he will change his plea at a new hearing scheduled for Friday afternoon local time.Previously, FBI Assistant Director Michael J. Driscoll stated that Alexandre promised investors a 5% weekly return through a new technology he refused to disclose. In fact, Alexandre transferred most of the funds to personal accounts and purchased luxury goods. (source link)