Federal Court Orders Over $288 Million in EminiFX Ponzi Case

A New York federal court has imposed obligations totaling more than $288 million on EminiFX Inc. and founder Eddy Alexandre after finding the crypto and foreign-exchange operation was a Ponzi scheme.

The court added a $45,148,500 civil penalty on Oct. 8 and barred both defendants from trading commodity interests. An Aug. 27, 2025, judgment had required $228,576,962 in restitution from both defendants and $15,049,500 in disgorgement from Alexandre. Amounts he pays toward restitution also reduce his disgorgement obligation, so the combined total does not represent separate investor recoveries.

Over its eight months in business, EminiFX took in more than $262 million from investors. It reported weekly returns of 5% to 9.99% despite incurring net losses above $49 million. The court found that the company pooled investor funds and used deposits to pay other customers.

As of July 2026, a court-appointed receiver had distributed over $98 million among more than 28,000 investors. The CFTC brought the civil case in May 2022. Alexandre later pleaded guilty to commodities fraud in a related criminal case and received a nine-year prison sentence in 2023.