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Crypto fraudster hit with CFTC sanctions

Reported by Investmentexecutive
Oct 19, 2026· 2 min read
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Key Takeaways
  • • The U.S. District Court for the Southern District of New York ordered Eddy Alexandre and his company EminiFX Inc. to pay more than US$288 million in restitution, disgorgement and penalties in a case brought by the U.S. Commodity Futures Trading Commission (CFTC).
  • • EminiFX took in over US$262 million from investors between September 2021 and May 2022 with promises of high returns from automated crypto and forex trading, according to the court's order.
  • • The court ordered US$228.6 million in restitution, US$15.05 million in disgorgement (offset by restitution paid) and a US$45.15 million civil monetary penalty.
  • • Alexandre was previously sentenced to 108 months in prison and ordered to pay more than US$213 million in restitution after pleading guilty to commodities fraud in a parallel criminal case.
  • • As of July 2026, the court-appointed receiver had returned over US$98 million to more than 28,000 defrauded investors.
Summary
The U.S. District Court for the Southern District of New York has granted the U.S. Commodity Futures Trading Commission's motions for summary judgment, injunctive relief and a monetary penalty against Eddy Alexandre and EminiFX Inc., the company he operated. EminiFX claimed to run an investment club offering access to crypto and forex trading, but the CFTC's case describes a Ponzi scheme.

According to the court's order, between September 2021 and May 2022 the company collected more than US$262 million from investors, promising high returns from automated trading and paying referral bonuses for recruiting new investors. Instead of delivering those returns, the company allegedly lost more than US$49 million, and at least US$15 million was diverted to other, unapproved uses.

The CFTC filed its civil enforcement action in 2022, in parallel with a criminal case charging Alexandre with commodities fraud and wire fraud. Alexandre pleaded guilty to commodities fraud and was sentenced to 108 months' imprisonment, with more than US$213 million in restitution ordered in that case.

The court's latest order requires Alexandre and EminiFX to pay US$228.6 million in restitution to defrauded investors, disgorge US$15.05 million (offset by any restitution paid), and pay a US$45.15 million penalty, bringing the total to more than US$288 million. The CFTC said the court-appointed receiver is distributing recovered assets, and that as of July 2026 more than US$98 million had been returned to over 28,000 investors.

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Sources

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Investmentexecutive Crypto fraudster hit with CFTC sanctions