CFTC secures $288 million judgment against EminiFX over crypto Ponzi scheme
A New York federal court added a $45.1 million penalty against founder Eddy Alexandre, whose firm promised investors weekly returns of up to 9.99%
A federal court has ordered Eddy Alexandre and his firm EminiFX Inc. to pay more than $288 million for operating a commodity pool Ponzi scheme that promised investors outsized weekly returns from crypto and forex trading, the Commodity Futures Trading Commission announced on October 19.
The amount includes a civil monetary penalty of more than $45.1 million imposed in a final judgment issued October 8 by US District Judge Valerie Caproni of the Southern District of New York. The order also permanently bars Alexandre and EminiFX from trading commodity interests.
How the $288 million breaks down
The final judgment builds on a summary judgment granted in August 2025, which ordered Alexandre and EminiFX to pay $228,576,962 in restitution, jointly and severally, and required Alexandre to pay $15,049,500 in disgorgement, according to The Block. Restitution payments made by Alexandre offset the disgorgement amount.
Together with the $45.1 million penalty, the civil monetary obligations total more than $288 million. Alexandre and EminiFX are jointly and severally liable for the penalty.
Promised weekly returns that never existed
Between September 2021 and May 2022, EminiFX attracted more than 25,000 investors, many from New York’s Haitian-American community, court findings show. Alexandre marketed the firm as an “investment club” and promised guaranteed weekly returns of 5% to 9.99% through a proprietary “Robo-Advisor Assisted Account” trading system.
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Investors pledged at least $262 million, while the firm’s actual trading produced net losses of more than $49 million. The court found Alexandre paid earlier investors with newer investors’ funds and moved at least $15 million to personal accounts, including payments for luxury vehicles.
Parallel criminal case
The CFTC filed its civil action in May 2022. Alexandre separately pleaded guilty to commodities fraud in a parallel criminal case and was sentenced to nine years in prison, with more than $213 million in restitution ordered in that case.
A court-appointed receiver controls EminiFX’s assets, and distribution plans for victims were approved in January 2025.