On February 10, the CEO of the digital asset trading platform EminiFX, Eddie Alexander, admitted to defrauding investors of $248 million. According to the Минюст США.
According to the agency, the defendant raised the sum from September 2021 through May 2022 “from tens of thousands of individual investors.”
Promising them “weekly profits of at least 5%” thanks to a “secret automated trading technology,” Alexander actually lost millions of dollars in trading operations. He spent the majority of the funds on personal purchases.
In particular, he wired about $14.7 million to his bank account, bought a BMW for nearly $155,000, and a Mercedes-Benz for an undisclosed amount.
A separate civil action against the CEO of EminiFX was brought by the CTFC on charges of “fraudulent extortion and unlawful appropriation” of digital assets and foreign currency.
The defendant agreed to pay more than $248 million to the affected investors. He faces up to 10 years in prison.
As previously reported, the FBI charged Eddie Alexander in May 2022.