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NEW YORK— EminiFX investors are getting closer to seeing some of their money returned after a judge approved the receiver’s timing to file and share how he will distribute more than $100 million recovered from the fraudulent cryptocurrency platform. Attorney David Castleman, the court-appointed receiver in charge of recovering EminiFX assets and distributing them, still has not revealed when exactly investors might start receiving their money.
“The filing of a Proposed Plan DOES NOT [sic] mean that distributions will commence on August 9 [sic],” the receiver’s site states.
Here are the key dates investors should know:
The FBI arrested Alexandre in May 2022 after finding that his cryptocurrency and foreign exchange investment platform was a pyramid scheme. Investigators said he advertised that he had a “trade secret” robot-assisted trading software that could yield weekly returns of 5% to 9.99% and millionaire status in two to three years. In reality, officials said, Alexandre showed investors fictitious returns over the eight months EminiFX was active. He also used investor funds for some payouts to reward top performers and to buy Long Island real estate as investment and luxury goods for himself.
Alexandre pled guilty in February 2023 in the criminal case and was later sentenced to nine years in prison, which he is serving at FCI Allenwood Low, a low-security federal correctional facility in Allenwood, Pa.
According to federal authorities, the EminiFX Ponzi scheme amassed more than $260 million and spread to at least 30,000 people worldwide, most of them Haitians. So far, they have recovered $154 million, about $144 million of which is in a high-yield savings account that earned $1.2 million in interest in the first quarter of 2024. Another $9.4 million — comprising money from real estate transactions, employee salaries, bank and brokerage accounts, office supply liquidation and other sources linked to Alexandre’s name — was in a separate account.
As of June 2024, a total of 25,768 users submitted transaction claims through the EminiFX user portal. About 20,000 matched company records, while 5,000 claims do not match. In all, Castleman’s team is reviewing more than 120,000 transactions.
In mid-July, Castleman’s team submitted to U.S. District Judge Valerie Caproni, who is presiding over the Commodities and Futures Trading Commission (CFTC) civil case, the schedule for sharing the proposed distribution plan. He still has to go through the process of making adjustments to the plan, as needed, before disbursing any funds.
Over the past months, Alexandre has filed various motions to dismiss the case or otherwise dispute the receiver’s work, including one accusation of libel in requesting a venue change that the judge denied. Alexandre is representing himself after attorney Emil Bove resigned, only to appear shortly after as a lawyer for Donald Trump in the hush-money trial that found the now–Republican presidential nominee guilty of falsifying business records.
The receivership site is managed by Stretto, which users can reach at EminiFX@Stretto.com or call at 855-228-3721 (toll-free) or 1(949) 407-5078 (international) for support. Creole speakers are available for users who are more comfortable in that language.
The post Plan to distribute millions to defrauded EminiFX investors coming this week appeared first on The Haitian Times.
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