Yesterday, July 18, the U.S. Attorney for the Southern District of NY, Damian Williams announced that the leader of a cryptocurrency and foreign exchange trading platform EminiFX received a 9-year sentence.
The news of the sentencing was published on the United States Government’s official website.
Alexandra defrauded Haitian-American investors in New York with the value of $248 million with the promises of doubling the figure claiming that his exchange works with a robo-advisor that can double investments within 5 months.
nst them as they accept the charges.
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Fast Facts
- EminiFX operator, Alexandra was imprisoned for fraudulently promising to double the investor’s returns through an AI bot.
- Previously, the CFTC (Commodity Futures Trading Commission) filed legal action against Alexandra.
- Allegedly, Alexandra handled the platform from September 2021 to May 2022 and traded EminiFX as an investment platform that would allow investors to gain passive income through automated investments in forex and crypto trading.
- Alexandra also claimed that he has access to secret new technologies which can offer his customers maximum returns on their investments.
- The EminiFX operator lost the investor’s funds to the tune of $6 million, used around $155,000 to purchase luxury cars, and pocketed up to 14.7 million.
- Adding to his 9 years’ imprisonment, Alexandra is mandated by the court to pay a fine of $248 million as well as $213 million as restitution.
- Furthermore, the scammer will have to face 3 years of supervised parole after his prison sentence.
- Despite the charges against Alexandra, various investors still supported him during the trial. Even with the AI trading fraud, some still argue that the prosecution should focus more on the AI usage by the scammer instead of the AI itself.
What is Happening In Crypto?
As of the time of this writing, Bitcoin prices are at $29,923.15 with an increase in market cap by 0.20% and a decrease in trading volume by 7.70%.
On the side of Ethereum, it is presently trading at $1,906.21, with a bit increase in its market cap by 0.92% and a decline in volume by 18.19%
- Meanwhile, the USD Coin is currently trading at $1.00 with a decline in market cap by 0.28% and a drop also in trading volume by 6.49% over the day.
- Cardano stock price at present is at $0.3157 with an increase in market cap by 3.99% and an increase also in trading volume by 17.01%
- In the case of Solana, it is presently trading at $26.25 with an increase in market cap by 5.79% and a decrease in volume by 40.57%.
