A federal judge in New York has ordered Eddy Alexandre, the founder of the defunct crypto platform EminiFX, to pay more than $228 million in restitution after ruling the company operated as a Ponzi scheme that misled tens of thousands of investors.
The U.S. Commodity Futures Trading Commission (CFTC) won a summary judgment against Alexandre and EminiFX, with U.S. District Judge Valerie Caproni making both jointly liable for $228,576,962 in restitution, according to a Tuesday court filing. In addition, Alexandre was ordered to pay $15,049,500 in disgorgement.
This decision comes over three years after Alexandre was first charged and more than a year after he pleaded guilty in a separate criminal case.
EminiFX founder sentenced and ordered to repay millions
Eddy Alexandre’s legal troubles began in May 2022, when both federal prosecutors and the CFTC filed cases against him. In the criminal case, he pleaded guilty to commodities fraud and was sentenced to nine years in prison, along with a $213 million restitution order.
The civil case has now ended with Judge Valerie Caproni’s ruling, which imposes an additional restitution and disgorgement order. However, the court clarified that any restitution payments Alexandre makes will reduce his disgorgement liability.
A court-appointed receiver has been managing EminiFX’s remaining assets since 2022. Earlier this year, after a distribution plan was approved in January, victims began receiving partial compensation from recovered funds.
Meanwhile, crypto-related crimes remain a major industry problem. According to blockchain security firm CertiK, losses from hacks, scams, and exploits totaled $2.47 billion in the first half of 2025. While Q2 losses dropped to $800 million across 144 incidents, a 52% decrease in value compared to Q1, the cumulative figure is still nearly 3% higher than the same period in 2024.
