FBI arrests CEO of EminiFX for fraud
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Answer FBI arrests CEO of EminiFX for fraud
The dreaded cryptocurrency slump is not the only reason cryptocurrency traders are exiting the market in recent weeks, but the revelation of more crypto crimes is tarnishing the reputation of the cryptocurrency market.
The US tax authorities said they had tracked 50 cases of fraud in the cryptocurrency and non-fungible tokens market.
Also on May 13, tax investigators said they were seeking evidence of a $1 billion Ponzi scheme in the cryptocurrency market.
On May 12, the Federal Bureau of Investigation (FBI) arrested the CEO of New York crypto exchange EminiFX on charges of commodity fraud and wire fraud related to an alleged Ponzi scheme that defrauded investors of approximately $59 million.
And according to the New York Business Journal, Eddie Alexander, 50, of Valley Stream, New York, has been arrested on charges that carry a maximum sentence of 30 years in prison.Read:Total BTC Lost Forever Exceeds $90 Million… What Does This Mean For Bitcoin?
From September 2021 to May 2022, the FBI explained, Alexander ordered more than $59 million in investments from hundreds of individual investors through eminifx.com, doubling their money in five months by earning 5% to 9.99% weekly returns. on their accounts.
But Alexander’s claims about the weekly earnings were false and that the EminiFX platform did not generate any profit for its investors.
Alexander has marketed EminiFX as an investment platform where investors can earn income through automated investments in cryptocurrency and forex trading using a “Robo-Advisor Assisted Account,” which he describes as a secret new technology.
The complaint said Alexander received $59 million from people to invest and transferred $15 million of the money to his personal account.
According to the complaint, he also transferred $9.04 million to an electronic trading platform that he opened in his name in December 2019, before establishing the “EminiFX” platform, and incurred trading losses estimated at $6.27 million.
It is reported that Alexander used $155,000 to buy a BMW and spent $13,000 on other car payments, including $10,000 for a Mercedes-Benz.Read:The Origin Protocol crypto project was hacked and $7 million stolen… Details here
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