CFTC Orders EminiFX to Pay Over $288 Million for Ponzi Scheme

A federal court has mandated that Eddy Alexandre and his firm EminiFX Inc. pay over $288 million due to their involvement in a commodity pool Ponzi scheme, as announced by the Commodity Futures Trading Commission (CFTC) on October 19. This judgment includes a civil monetary penalty exceeding $45.1 million, following a final ruling by US District Judge Valerie Caproni of the Southern District of New York.

The financial breakdown of the judgment stems from a summary judgment issued in August 2025, which required the defendants to pay approximately $228.6 million in restitution and $15 million in disgorgement. The total civil monetary obligations now exceed $288 million, with both Alexandre and EminiFX held jointly and severally liable.

Between September 2021 and May 2022, EminiFX attracted over 25,000 investors, particularly from New York’s Haitian-American community, promising weekly returns of 5% to 9.99% through a proprietary trading system. However, the firm reported net losses exceeding $49 million, and funds from newer investors were used to pay earlier investors, a hallmark of Ponzi schemes.

In a parallel criminal case, Alexandre pleaded guilty to commodities fraud and was sentenced to nine years in prison, with over $213 million in restitution ordered. A court-appointed receiver currently manages EminiFX’s assets, with distribution plans for victims already approved.