Crypto Fund Fraud Leads to Guilty Plea, Return of $248.8 Million

A Long Island, New York, man admitted swindling hundreds of millions of dollars from investors in his EminiFX cryptocurrency and foreign-exchange platform by lying to them about how their money would be invested.

Eddy Alexandre, 50, of Valley Stream, pleaded guilty to commodities fraud Friday before US District Judge John Cronan in New York. As part of a deal with prosecutors, Alexandre agreed to forfeit $248.8 million he earned through his Ponzi scheme.

Alexandre was arrested in May and charged with commodities fraud and wire fraud. Prosecutors said he raised millions from hundreds of people and promised weekly returns of ...