EminiFX CEO Eddy Alexandre asks the sentencing judge for mercy in a four-page letter sharing that he meant well, but “made some serious mistakes” with his company.
This reporting is sponsored by a grant from The McGraw Center for Business Journalism at the Craig Newmark School of Journalism at the City University of New York.
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NEW YORK — EminiFX CEO Eddy Alexandre, 51, wrote to the judge who will decide his sentence July 18, describing himself as a devoted husband and father of three sons – ages 22, 15 and 13 – who feels much pain at the thought of being separated from them.
“I have dedicated my life to serving others,” Alexandre writes in the letter to District Judge John P. Cronan. “The thought of losing everything I hold dear is devastating, and I will do everything in my power to prevent that from happening.”
Alexandre pled guilty to commodities fraud stemming from his investment operation that amassed nearly $250 million from tens of thousands of investors, most of them Haitian. In a letter dated July 4, two weeks before his sentencing hearing, Alexandre shared with Cronan details about his background and motivations as well as his failures in the operation prosecutors have described as a Ponzi-like scheme that defrauded investors Alexandre had promised would become millionaires.
Facing a maximum sentence of 10 years in prison, Alexandre wrote seeking leniency. He shared how growing up in Haiti, and witnessing “unimaginable pain and suffering” from the country’s natural and man-made disasters, inspired him to help others. With tales of helping others from an early age, such as when he used his bus fare toward extra food for his siblings, until well after he immigrated to New York in 1998 and contributed to local communities, Alexandre sought to show the judge how giving back compelled him.
It was his passion to help his community improve, he said, and the possibilities of technology as a wealth creation tool that prompted him to start EminiFX.
“Nothing excites me more than using technology to tackle the issues that we all face in our daily lives,” Alexandre wrote. “I am overjoyed every time I have the privilege to help someone learn more about technology and how it can better their lives.”
Read Alexandre’s letter in full below.
EminiFX faced setbacks from Day One with a code that did not work as imagined, Alexandre said. From there, the company simply grew too fast to catch up with fixes. The technology – servers, site hosts, the artificial intelligence robot to assist with trades – and the operational foundations, such as registering with the proper agencies or brokerage firms – were not in place, Alexandre admits.
By the time he realized the deficiencies and tried to address them, the banks had frozen the funds and he was being investigated.
Around the same time, as a licensed real estate agent, Alexandre said, he began buying up properties to “set EminiFx apart from our competitors.”
“Looking back, the company grew faster than anticipated, which could be an exceptionally good thing if everything goes smoothly. It did not,” Alexandre said. “I made some serious mistakes.”
Since his arrest in May 2022, Alexandre said he has been making amends by cooperating with the government to recover funds and assets in their efforts to investors. He was released on bond shortly after the arrest.
Now, Alexandre says, “I stand before the justice system to answer for my actions and those of EminiFX, my company. As its CEO, the back stopped with me; and I take full responsibility for everything that happened. I humbly ask for your forgiveness so that I may start a new chapter in my life with peace and the knowledge that justice has been served fairly.”
Prosecutors, in their rebuttal, said Alexandre’s success should be even more reason to impose the highest prison term available.
“He was simply greedy for more,” the prosecutors said in recommending 10 years in prison for Alexandre. “For a defendant with so much support and success … to nevertheless choose to commit such an egregious scheme that defrauded the very community that supported him reflects an uncommon brazenness. In that way, Alexandre’s successful background makes his crimes more deserving of punishment, not less.”