Eddy Alexandre, a New York resident, and CEO of EminiFX, has been sentenced to nine years in prison for running a massive Ponzi scheme that defrauded investors of hundreds of millions of dollars.
US District Judge John Cronan imposed the sentence after Alexandre pleaded guilty to commodities fraud in February.
The court also ordered Alexandre to forfeit $248.8 million, the amount he gained from his fraudulent scheme, which mainly targeted members of the Haitian-American community in New York.
Court Rules a Premeditated Scheme
Judge Cronan described Alexandre’s actions as a deliberate and ongoing fraud, stressing the wide scope of the scheme.
Over the course of eight months, from September 2021 to May 2022, Alexandre promised investors weekly returns of 5% or more on their investments, attracting a staggering 25,000 victims.
He operated EminiFX Inc. as a multilevel marketing scam, encouraging existing investors to recruit new victims and further expanding the fraudulent operation.
Prosecutors pointed out that Alexandre, who held positions of trust within his church and community, exploited the trust placed in him to prey on vulnerable individuals, including the poor and hard-working.
Alexandre’s calculated fraud took advantage of his positions of trust within the church and community, preying on vulnerable individuals, including the impoverished and diligent workers, amplifying the devastating consequences.
Alexandre’s Sea of Support
Numerous members of the Haitian-American community have attended Alexandre’s court appearances to protest the charges against him, displaying significant support for him since his arrest.
During the sentencing, the courtroom and an overflow area were filled with dozens of supporters wearing lime green t-shirts with Alexandre’s picture, the EminiFX logo, and messages such as “Together We Rise,” “Break the Chains,” and “Justice for All.”
However, among the supporters, two victims took the opportunity to address the court, recounting their devastating financial losses and advocating for severe punishment for Alexandre.
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