• Eddy Alexandre, the CEO of cryptocurrency and forex trading platform EminiFX, is expected to plead guilty for his role in an alleged $59 million fraud.
• Prosecutors say he lured investors by promising to double their money within five months and with fake account statements showing their investments were growing.
• Supporters from around the world traveled to cheer him on at his plea hearing last year, claiming that Alexandre was innocent and the case was racist.

Eddy Alexandre Arrested

Eddy Alexandre, 51, of Valley Stream, N.Y., the CEO of cryptocurrency and forex trading platform EminiFX, was arrested in May 2022 and charged with wire fraud and commodities fraud. He initially pleaded not guilty but court records show that he will change his plea in a new hearing set for Friday afternoon.

Alleged Fraud Scheme

Prosecutors allege that Alexandre lured investors into his scheme by promising to double their money within five months through a secretive robo-advising technology. However, he allegedly invested only a small portion of user funds and spent the rest either on himself or on business-related expenses. To keep up appearances, he showed investors fake account statements indicating their investments were growing between 5% and 10% each week.

Supporters Show Up At Plea Hearing

Despite Alexandre’s alleged fraud many of his customers have continued to support him including at his plea hearing last year where supporters from around the world traveled to cheer him on claiming that EminiFX was legitimate, Alexandre was helping them and the case against him was racist.

Consequences For Alleged Crimes

Without a plea deal, Alexandre faces up to 30 years in prison if found guilty of wire fraud and commodities fraud charges.

Conclusion

The latest news indicates Eddy Alexande is likely to plead guilty for his involvement in an alleged multi-million dollar Ponzi scheme although supporters continue to back him claiming innocence despite evidence being brought forward by prosecutors.