EminiFX founder Eddie Alexandre has lost a legal battle related to a fake AI trading platform scam and must pay creditors $228 million. This is the culmination of a two-year legal fight.
EminiFX's various tactics remain notorious even in 2025. He used fake AI promises to lure investors and targeted immigrants in New York City. These methods continue to be used today.
EminiFX, Fake AI Scam
Cryptocurrency crime has reached epidemic levels, but major past scam cases tend to resurface.
Two years ago, EminiFX founder Eddie Alexandre was imprisoned for commodities fraud. Today, the CFTC has scored another victory against EminiFX, ordering Alexandre to pay massive fines for fraud:
"The CFTC demands $228,576,962 in restitution on behalf of EminiFX investors. This is the amount withdrawn from contributions made to the company by EminiFX investors. Simply put, EminiFX was a Ponzi scheme, and investors' decision to entrust money to the defendant was entirely based on fraudulent false statements," the court order read.
EminiFX appeared to be a CEX and forex business, but the actual scam was somewhat ahead of its time. Alexandre claimed the platform used sophisticated AI protocols to double investment returns.
In reality, this was a Ponzi scheme that used future investments to maintain early investors.
Ahead of Its Time
EminiFX's various scam tactics are now much more common. In 2025, AI-based tools enable many scams, with AI-generated code emptying wallets and sophisticated deepfakes promoting social engineering.
Alexandre used AI's promise as a trust scam, but technology was not the core element. He did not use AI at all and used investor money for personal bills and risky trades that lost $49 million.
Additionally, EminiFX specifically targeted Haitian-Americans in New York City to invest in the scam. Today, New York City immigrants are frequent targets of organized scammers, who run social media campaigns to lure uninformed victims.
These tactics are now common in the world of scams, but EminiFX is finished. While the US government has decreased ability to track cryptocurrency criminals, the CFTC can still score major victories.
In addition to his ongoing prison sentence, Alexandre must refund $248 million to investors. He was also ordered to pay a $15 million fine, but this is included in the total amount. This latter fine is insurance, and failure to pay will result in criminal liability.
The war continues with a new generation of cryptocurrency criminals, but in this case, justice has been served.
