A federal judge has ordered Eddy Alexandre and his firm EminiFX to pay $228.5 million in restitution to victims of a crypto Ponzi scheme, which claimed to deliver unrealistically high returns through non-existent AI trading technology. Over 25,000 investors were defrauded between September 2021 and May 2022, with total losses exceeding $248 million. The summary judgment from U.S. District Judge Valerie Caproni followed Alexandre's criminal conviction in July 2023, where he received a nine-year prison sentence for his fraudulent activities. Alexandre, who failed to present evidence against the CFTC's claims, exploited trust within his community to recruit investors. The court also ordered $15 million in disgorgement due to Alexandre's misappropriation of funds, including personal expenditures on luxury cars. Recovery efforts for defrauded investors began in January 2025, with distributions ongoing as the case remains active.

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