There has been an important update from the receiver of EminiFX regarding an initial distribution of funds to those affected by the scam.

David A. Castleman, the Court-appointed receiver over EminiFX, Inc.and certain assets of Defendant Eddy Alexandre, on January 23, 2025, filed a notice of initial distribution.

The total budget for the initial distribution is approximately $100 million, which is a majority of the $152 million currently held in the receivership.

The primary reason for holding the remaining Receivership Assets is the need to reserve conservatively for the reasonable worst-case tax liabilities for both EminiFX, Inc. (pre-receivership) and the Qualified Settlement Fund (post-receivership).

The people and entities eligible for payment are around 30,000.

Detailed information by the EminiFX receiver can be found here.

The CFTC initiated the case against Eddy Alexandre and his fraudulent scheme on May 11, 2022, alleging various violations of the Commodity Exchange Act (CEA). The CFTC alleged that the Defendants engaged in fraud with respect to the sale of commodities futures and forex trades, that Defendants used manipulative devices in furtherance of the fraud, that EminiFX failed to register as a commodity pool operator (CPO), and that Alexandre failed to register as an associated person (AP) of a CPO.