CFTC Charges American Resident in $59 Million Illegal FX Scheme

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The U.S. Futures Trading Commission (CFTC) confirmed yesterday that it had filed a civil enforcement action against Eddy Alexandre, a resident of Valley Stream, New York, in a $ 59 million fraudulent FX scheme.

The US authorities have taken similar action against Alexandre EminiFX Inc. The details shared by CFTC show that Alexandre promised a 5% weekly return to investors and took at least $ 59 million from hundreds of people to trade foreign exchange and crypto assets.

CFTC noted that Alexandre only used 9% of clients ’funds to trade FX and cryptocurrencies. He lost $ 6.2 million, about 70% of the amount, through nonprofit business and fees. Alexandre also used clients’ funds for his personal expenses.

“The lawsuit alleges that the defendants also misappropriated large amounts of the remaining customer money by sending it to accounts in Alexander’s name, using it to pay other customers in a Ponzi scheme, and using it for Alexander’s personal expenses. For example, Alexandre used participating funds to make payments to BMW, Mercedes Benz and Saks Fifth Avenue, and payments were also made for flights, luxury hotels, clothing, and occupational and physical therapy, and Alexandre also used large participating funds to rent and provide office space for EminiFX and to arrange “parties” on behalf of EminiFX, “CFTC. notes.

FX Fraud Tips

FX and crypto fraud began to rise again in the United States. To warn investors against fraudulent activities, CFTC has published several FX Fraud Advisories in the past. The authority also urged investors to check the registration of an individual or the company with CFTC to assess their credibility.

“The CFTC has issued several Customer Protection Advice on Fraud that provide the warning signs of fraud, including the Commodity Fraud Advice and the Forex Fraud Advice, which alert customers to these types of fraud and list simple ways to spot them and inform the public of the potential risks associated with investing or speculating in virtual currencies or newly launched Bitcoin futures and options, “the CFTC added.

The U.S. Futures Trading Commission (CFTC) confirmed yesterday that it had filed a civil enforcement action against Eddy Alexandre, a resident of Valley Stream, New York, in a $ 59 million fraudulent FX scheme.

The US authorities have taken similar action against Alexandre EminiFX Inc. The details shared by CFTC show that Alexandre promised a 5% weekly return to investors and took at least $ 59 million from hundreds of people to trade foreign exchange and crypto assets.

CFTC noted that Alexandre only used 9% of clients ’funds to trade FX and cryptocurrencies. He lost $ 6.2 million, about 70% of the amount, through nonprofit business and fees. Alexandre also used clients’ funds for his personal expenses.

“The lawsuit alleges that the defendants also misappropriated large amounts of the remaining customer money by sending it to accounts in Alexander’s name, using it to pay other customers in a Ponzi scheme, and using it for Alexander’s personal expenses. For example, Alexandre used participating funds to make payments to BMW, Mercedes Benz and Saks Fifth Avenue, and payments were also made for flights, luxury hotels, clothing, and occupational and physical therapy, and Alexandre also used large participating funds to rent and provide office space for EminiFX and to arrange “parties” on behalf of EminiFX, “CFTC. notes.

FX Fraud Tips

FX and crypto fraud began to rise again in the United States. To warn investors against fraudulent activities, CFTC has published several FX Fraud Advisories in the past. The authority also urged investors to check the registration of an individual or the company with CFTC to assess their credibility.

“The CFTC has issued several Customer Protection Advice on Fraud that provide the warning signs of fraud, including the Commodity Fraud Advice and the Forex Fraud Advice, which alert customers to these types of fraud and list simple ways to spot them and inform the public of the potential risks associated with investing or speculating in virtual currencies or newly launched Bitcoin futures and options, “the CFTC added.

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