Federal Court Finalizes $228.6 Million EminiFX Restitution Order

A federal court finalized $228.6 million in restitution and a $45.1 million civil penalty against EminiFX Inc. and founder Eddy Alexandre over a crypto and forex Ponzi scheme that drew more than $262 million.

The court entered the final judgment Oct. 8 in the Southern District of New York. Both defendants face permanent trading restrictions. Alexandre must also give up $15.05 million in gains, with any restitution he pays reducing that obligation. Investor claims have priority over collection of the civil penalty from assets held by the court-appointed receiver.

As of July 2026, the receiver had distributed more than $98 million to more than 28,000 investors. The $228.6 million restitution order sets out what the defendants owe; the $98 million figure reflects payments already made to investors.

EminiFX collected more than $262 million during roughly eight months of operation. It reported weekly returns of 5% to 9.99% from cryptocurrency and foreign exchange trading, while its trades produced net losses exceeding $49 million.

In a separate criminal case, Alexandre pleaded guilty to commodities fraud and received a nine-year prison sentence, which he is now serving.