Haitian Cryptocurrency CEO pled guilty to commodity fraud and charged with $248M in restitution

The man authorities say is responsible for a wide money scheme has pled guilty to one count of commodities fraud in New York.

Eddy Alexandre, the mastermind behind a purported Cryptocurrency and foreign exchange “FOREX” trading platform called EminiFX where he solicited more $240 million in investments from tens of thousands of individual investors have found himself guilty.

The report published by the United States Attorney Office in New York says Alexandre made false representations in connection with the EminiFX trading platform. According to the report, Alexandre used the investors money for personal use causing them to lose millions of dollars.

The EminiFx CEO is facing up 10 years and will be required to pay $248 million in restitution. Sentencing is scheduled for for July 12, at 4:00PM in front of judge Cronan who accepted his plea.