A federal judge in New York on Tuesday ordered Eddy Alexandre to pay $228,576,962 in restitution after finding that his company, EminiFX, ran a Ponzi scheme that duped tens of thousands of investors.
The U.S. Commodity Futures Trading Commission won a summary judgment that held Alexandre and EminiFX jointly liable for the restitution and set an additional $15,049,500 in disgorgement.
The ruling tops a string of court actions that began after prosecutors first charged Alexandre in 2022.
Court orders and penalties
U.S. District Judge Valerie Caproni wrote that Alexandre and EminiFX must pay the full restitution amount. The court also said Alexandre owes the $15,049,500 disgorgement figure.
The civil order notes that any payments made toward restitution will reduce his disgorgement obligation. The civil judgment follows Alexandre’s criminal plea, in which he admitted to commodities fraud and received a nine-year prison term plus a separate $213,000,000 restitution order.
How EminiFX raised funds
EminiFX launched in 2021 and, in a few months, attracted more than 25,000 investors. The platform took in over $262,000,000 in just eight months by promising weekly returns of 5% to 9.99% through a so-called Robo-Advisor Assisted Account.
Investors were told automated trading would generate steady gains in crypto and forex markets. Court filings later showed those trading systems were never run as advertised.
Operations and the alleged fraud
Records in the case show the platform suffered net losses of at least $49,000,000. Investigators say Alexandre withdrew at least $15,000,000 for personal spending. Those funds paid for credit card bills, luxury cars and cash withdrawals.
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The civil filing says investor withdrawals were met with money from new investors instead of real trading profits. That pattern fits the classic Ponzi model that the CFTC described in its complaint.
Legal timeline
Alexandre’s legal troubles began in May 2022 when civil and criminal cases were filed. He later pleaded guilty in the criminal matter and was sentenced. The CFTC continued the civil action and won summary judgment this year.
Judge Caproni’s order resolves the agency’s claim and adds a civil restitution and disgorgement layer to the penalties Alexandre faces from the criminal case.
Recovery efforts for victims
A court-appointed receiver has handled the task of finding and reclaiming assets since 2022. The receiver won approval for a distribution plan in January and began sending recovered funds to victims earlier this year.
The civil judgment may increase the pool available for repayment, though how much victims will recoup depends on asset recovery and the order of claims.
Wider context of crypto losses
This case arrives as the crypto space wrestles with the increasing tide of thefts, hacks, and scams. Fresh figures reveal that $2.47 billion was siphoned off in the first half of 2025.
The second quarter alone accounted for $800 million across 144 breaches, a total that, while representing a 52% decline in equivalent value lost and 59 fewer breaches than the preceding quarter, still leaves the year-to-date tally roughly 3% above the same point last year.
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