Crypto Pyramid Scheme Arrest Is Made in New York, Man Charged In $59M Fraud

WKJA has learned that the State of New York has charged Eddy Alexandre, 50, the leader of a purported Cryptocurrency and Forex trading platform called EMMIFX with commodities and wire fraud offenses, According to U.S Attorney Damian Williams.

Alexandre allegedly was involved in solicited more than $59 million in individual investments by claiming to be using a ”robo-advisor”, a secret, he promised investors that could double their money if they participated.

So far, hundreds of investors, who are mostly Haitians, took the risk in order to double their savings by accepting Alexandre’s offer to give them back 5% of their investments. But, the FBI says Alexandre spent their money on luxury cars and business expenses.

The pyramid scheme is being widely shared on social media’s popular platform WhatsApp among a lot of Haitians users. U.S Attorney Damian Williams warns individuals on such schemes by saying: ”Eddy Alexandre allegedly induced his clients to invest over $59 million with promises of huge passive income returns via his own proprietary trading platform called EMMIFX. In reality, no such technology existed, as Alexandre is alleged to have invested very little of their money-most of which he lost-and transferred most of it to his own personal accounts to pay for luxury items for himself. As in any of the financial markets, the foreign exchanges offer high return potential, but investors should beware of the downside risks of false claims and get rich quick schemes that oftentimes are too good to be true.”

This is a breaking story. More will be available as it becomes available.