A New York man accused of defrauding thousands of investors in a ‘double your money’ digital asset scam has been charged by the Department of Justice (DoJ) with commodities and wire fraud. DoJ alleges that the man made off with $59 million from his investors, claiming to invest in digital assets and the foreign exchange markets.
From September 2021 until the DoJ got a hold of him this month, Eddy Alexandre was allegedly operating EminiFX, a company that claimed to trade in the digital assets and forex spaces. He lured investors with promises of guaranteed passive returns, which his own proprietary trading technology would generate, authorities said.
Specifically, the New Yorker claimed that he could double an investor’s money in five months through 5% weekly returns on investment using a “Robo-Advisor Assisted account” to conduct trading. He told the clients that the technology was his trade secret and refused to talk about it with anyone.
When investors logged onto the EminiFX website, they saw that their portfolios were getting bigger each week and that the advertised returns had materialized. However, this was a result of Alexandre tampering with the site, not from the actual results of the company’s trading activities.
As the DoJ alleges, Alexandre didn’t even invest most of his money. And on the small amount that he invested, he made a $6 million loss, which he concealed from investors.
Most of the money he raised was directed toward his personal…
