Crypto Fraudster, Fund Liable for $229 Million in CFTC Suit (1)

Eddy Alexandre and his cryptocurrency “investment club” EminiFX Inc. were ordered to pay almost $229 million in restitution for inducing investors into what a federal court called a Ponzi scheme.

Judge Valerie E. Caproni sided with the US Commodity Futures Trading Commission in its civil case against Alexandre on Tuesday, about two years after he was sentenced to nine years in prison in a parallel criminal case for commodities fraud. Alexandre is also liable to repay ill-gotten gains of more than $15 million on funds the CFTC said he transferred out for himself, but that’s offset by what he pays ...