David A. Castleman, EminiFX Receiver, has initiated an action against Clarelle Dieuveuil, the former Chief Financial Officer of EminiFX in the Supreme Court for the County of New York.

In the Complaint, the Receiver alleges that the CFO is liable for breach of fiduciary duty and for fraud, arising from specific actions she took as CFO in furtherance of the operation of EminiFX. The Receiver further alleges that the CFO aided and abetted Mr. Alexandre’s alleged breach of fiduciary duty and fraud. Finally, the Receiver alleges that the CFO received transfers of over $500,000 from EminiFX, for which no value was provided.

In late March 2022, as EminiFX was winding down accepting cash contributions into its primary contribution accounts, EminiFX encouraged most investors to use CoinPayments to make contributions.

But some investors still contributed cash throughout April and early May 2022. Those investors would contribute cash to various EminiFX personnel, acting as collectors, who would give the cash to Dieuveuil or Alexandre. Dieuveuil or Alexandre would then give a credit to the collector on the EminiFX system, who would then disburse those credits to the investors who contributed the cash.

Over $6 million was collected in this way, but only around $1 million made its way into actual EminiFX bank accounts.

Dieuveuil, as the CFO, failed to ensure that those cash contributions were actually deposited into EminiFX bank accounts.

Dieuveuil was also an account holder at EminiFX. But she did not make any material deposits. Instead, she collected referral credits, sitting near the top of a multi-level marketing program at EminiFX that rewarded account holders for recruiting other investors, akin to a pyramid scheme. She used so-called “withdrawals” from that account to extract over $300,000, and knew (or should have known) the true source of those funds—investor deposits.

She also received a separate $200,000 payment directly from EminiFX. There was no value provided to EminiFX in return; these payments were on top of the salary she was paid through payroll.

On Thursday, May 12, 2022, the FBI simultaneously raided EminiFX’s headquarters and the home that Alexandre and Dieuveuil shared. Alexandre was arrested in the early morning. And yet Dieuveuil was not.

However, despite it being a weekday, hardly anyone came to work at EminiFX that day. Upon information and belief, the reason only a few more junior employees showed up is that after Alexandre was arrested, Dieuveuil began calling EminiFX employees and telling them not to come into the office. And even after Alexandre was incarcerated and an injunction to shut down EminiFX was issued in the CFTC Action, Dieuveuil and others attempted to organize online Zoom meetings to continue the operation of EminiFX.

The EminiFX Ponzi scheme proved devastating to innocent investors, who are expected to receive back roughly half of what they invested, and none of the profits that they were promised. Dieuveuil’s actions and inactions played a central role in the execution of EminiFX, personally extracting hundreds of thousands (if not millions) of contributions from investors, not keeping accounting records as any prudent CFO would, leading the team that implemented the key deceptions that allowed the scheme to continue, and failing to ensure that millions of dollars in cash contributions were kept in EminiFX bank accounts.

The Receiver acts as a fiduciary for the estate, the ultimate beneficiaries of which are the innocent investors of EminiFX. As the Receiver’s Distribution Plan approved by the Receivership Court on January 21, 2025, makes clear, any recovery of damages in this Action will be paid dollar for dollar to EminiFX investors. Therefore, while the Receiver is bringing in this Action claims over which he has standing to bring, any monetary recovery will benefit innocent investors and not any wrongdoer.