News file. Facts are from CFTC Press Release 9311-26 (19 Oct 2026), which reports the court’s orders. General information only, not financial advice.

A federal court in the Southern District of New York has ordered Eddy Alexandre and EminiFX to pay more than $288 million in the Commodity Futures Trading Commission’s civil case: $228,576,962 in restitution, $15,049,500 in disgorgement (offset by restitution paid) and a $45,148,500 civil penalty [1].

According to the CFTC, in about eight months tens of thousands of investors put more than $262 million into EminiFX, which reported weekly returns of 5% to 9.99% [1]. The court’s summary judgment order, as quoted by the CFTC, put it plainly:

“Simply put, EminiFX was a Ponzi scheme” [1]

Net losses exceeded $49 million, and at least $15 million was misappropriated by Alexandre, according to the CFTC [1]. More than $98 million has been returned to over 28,000 investors so far, and the CFTC warns victims may not recover all their money [1]. Alexandre is already serving a nine-year sentence in a parallel criminal case in the SDNY [1].

The auditor’s eye. Real investment returns are lumpy. A line that rises smoothly at 5–10% a week is not a performance record; it’s a red flag. The test is always the same: where is the cash, who holds it, and can it be confirmed independently?

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Further reading

General fraud reading (no book on this case yet).

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Sources

  1. CFTC Press Release 9311-26, 19 Oct 2026: https://www.cftc.gov/PressRoom/PressReleases/9311-26