Beware of EminiFX – Review Part 2

Eddy Alexandre, the founder, and CEO of EminiFX was detained on May 12th.

The arrest was made as part of a combined operation by the DOJ and the CFTC. An FBI sting that began in or around March 2022 was a part of the operation.

In this post, we look at how the FBI apprehended Alexandre and what happened after he was arrested.

Eddy Alexandre, a Haitian native, founded EminiFX in September 2021 in New York.

Soon after, Alexandre founded EminiFX out of a New York office.

The FBI began monitoring Alexandre in New York as a result of a joint investigation launched by the DOJ and the CFTC.

This monitoring resulted in the gathering of evidence that Alexandre merely cooked up the weekly ROI provided to EminiFX investors.

A whiteboard is seen in a snapshot taken from video surveillance of EminiFX’s workplace on March 22nd:

Alexandre noted the daily ROI paid to EminiFX investors on the whiteboard. “NEVER LESS THAN 5%,” says a notice on the right. NEVER, EVER, EVER, EVER, EVER, EVER, EVER, EVER, EVER,

Alexandre merely made up the weekly ROI rate rather than being related to trading. He scribbled the number on his whiteboard at his workplace, ensuring sure it was between 5% and 9.99 percent.

Witness interviews, attendance at weekly investor webinars, and social media surveillance, including YouTube, were among the other measures utilized by the FBI to investigate EminiFX.

Certain EminiFX investors have released publicly available films in which they log in to their EminiFX account on the Website and exhibit the EminiFX investor “Dashboard,” according to the sealed complaint that resulted in Alexandre’s arrest warrant.

For example, according to a publicly available video posted on a social media platform, EminiFX’s “weekly profit” for a specific week was stated on the Website as 9.94 percent.

A screenshot of the video was provided as proof of EminiFX’s deceptive business practices.

EminiFX’s account has around $35 million in it as of May 4th. On April 22nd, the FBI mentioned this in a webinar. Alexandre falsely stated that in-person activities held in his New York office “laid to rest many of the worries” investors had about whether the EminiFX address was bogus and whether the office existed.

These questions were regarded by ALEXANDRE as “a lot of crap.”

ALEXANDRE also stated that within a few days following the EminiFX office event on Sunday, EminiFX investors, including previous investors, put over ten percent more capital, increasing the total amount of EminiFX investors funds to over $114 million.

Alexandre put $59 million in EminiFX accounts, according to an analysis. EminiFX has “a balance over $35,000,000” as of May 4th.

Based on the bank account activity…, which demonstrates that ALEXANDRE failed to invest the bulk of investor funds, it appears that EminiFX’s sole method to fund investor withdrawals is to use current or new investor funds in a Ponzi-like approach.

Alexandre was apprehended on the 12th of May. Later that day, he was brought before the court.

Looking ahead

Access to Eddy Alexandre’s criminal case docket appears to be blocked due to administrative concerns. I expect these issues to be rectified by Monday, at which point I’ll be able to offer an update.

Alexandre was released on bond at his May 12th court appearance, according to Matthew Russell Lee of Inner City Press.

The Department of Justice is concerned that Alexandre would flee to Haiti. If Alexandre flees, Haiti will not extradite him to the United States.

Alexandre was released on a $3 million bail after the judge disregarded these concerns. He is being held in self-funded house detention, which he is not allowed to pay for with cryptocurrencies.

Alexandre waited at the defense table after the hearing ended, conversing into his Federal Defender’s mobile phone (to his wife) until the Marshals placed him in handcuffs and hauled him away.

The CFTC’s civil fraud lawsuit against Alexandre was highlighted by BehindMLM earlier today.

Keep an eye out for an update on Alexandre’s criminal case next week.

17th of May, 2022 – Because Alexandre’s criminal case docket is now available, I’ve updated the case’s status.

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