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EminiFX, Inc. Receivership

EminiFX, Inc. Receivership

Case Number: 22-03822 (VEC)

Southern District of New York
Frequently Asked Questions
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What is the status of EminiFX?

On June 15, 2022, the United States District Court for the Southern District of New York entered a Consent Preliminary Injunction and appointed David Castleman of Raines Feldman LLP as Receiver over EminiFX, Inc. (“EminiFX”) and assets of Eddy Alexandre that are traceable to EminiFX customers, following the Receiver’s initial appointment as Temporary Receiver under the Statutory Restraining Order in effect from May 11, 2022 to June 15, 2022.

Additional information about the Receivership, including a copy of the Consent Preliminary Injunction appointing the Receiver, can be found at this website.

Why was the Receivership necessary?

See the Complaint filed by the Commodities Futures Trading Commission filed on May 11, 2022 for a summary of the reasons for the filing.

See also a copy of the Criminal Complaint and the Indictment filed in a parallel case by the United States Attorney’s office for the Southern District of New York.

What is a Receivership?

Receivership is a process in which a legally appointed receiver acts as custodian of a company's assets or business operations. The Receivership process is designed to allow a court‐appointed third party to act as a custodian for assets and maximize asset values for investors, creditors, employees and parties who have an interest in the estate.

The Receiver’s duties and responsibilities require him to identify, account for, preserve and protect Receivership assets. In addition, the Receiver has been granted specific powers to sue, marshal, collect and take possession of the property and books and records of EminiFX and certain assets of Eddy Alexandre. 

Who does the Receiver work for?

The Receiver is an agent of the Court and therefore works for the appointing judge. The beneficiaries of the Receiver's work are the investors, creditors, employees and parties who have an interest in the estate.

Does this mean EminiFX is going out of business?

EminiFX will not be accepting any additional investor funds. The website has been shut down, although all data available to the Receiver has been preserved. The goal of the Receiver is to evaluate assets and maximize asset values to create as much value as possible for investors, creditors, employees and interested parties.

Although his investigation is in its very preliminary stages, the Receiver has not yet identified an account of EminiFX that contains revenue from an underlying business operation (or any legitimate business activity that requires the ongoing use of the business premises or employees once the data is fully secured). The Receiver, therefore, seeks to wind down the operations in an orderly fashion.

Will Eddy Alexandre have continued involvement?

The Receiver has terminated Eddy Alexandre from EminiFX. The Receiver has taken custody of EminiFX’s assets and operations.

Where can I learn more about the Receivership and obtain periodic updates?

Additional information about the Receivership can be found at www.eminifxreceivership.com. Status reports as filed with the Court will be posted as they become available.

How do I file a claim?

In the future, the Receiver will file an application with the Court to approve a claims submission and review process, which will set up how claims are filed. Once that process is approved, you will be able to file a claim pursuant to instructions that will be communicated to you via this website and the email address you used to sign up for EminiFX.com. Please continue to monitor this site for additional information.

I emailed some information to you. Was that my claim form?

That is NOT your claim form. NO CLAIMS HAVE BEEN FILED YET. Once a claims process is approved, you will have the opportunity to submit a claim.

How do I get my money back?

The Receiver is not processing individual refunds or withdrawals. If you invested in EminiFX, you will need to file a claim form at the appropriate time. Please monitor this site, and the email address you used to sign up for EminiFX.com, for additional information.

I heard some people got refunds already. Is this true?

The Receiver has NOT filed a distribution plan in this case or requested that the Court approve ANY distributions. He has not provided any EminiFX user with a refund.

Can I write off my investment loss?

The Receiver cannot give tax or other legal advice. Please consult with your accountant or tax advisor and seek their advice.

Will the Receivership have any assets to pay claims?

The Receiver has begun the process of turning over the EminiFX accounts to the Receivership estate, which will result in over $60 million in cash. The Receiver also plans to pursue various cryptocurrency assets as well as unwinding the recent real estate activities of EminiFX. There may be additional sources of recovery as the Receiver continues to administer the Receivership Estate.

A more complete discussion of the activities that have taken place can be found in the Receiver’s Preliminary Status Report.

How will the money be distributed?

Once the claims process is complete, the Receiver intends to develop a distribution plan for Court approval, taking into consideration all issues that arise during that process. The Receiver ideally would like to make an initial distribution of as much cash as prudent as soon as practicable following the close of the claims submission process, with future distributions to be determined as more information is gathered.

Do you have an estimate of what percent of our original investment may be returned to us in the form of a distribution?

The Receiver does not have this information available yet. The timing and amount of any distribution remains uncertain. 

When will additional updates to investors be provided and how do I receive these?

Please continue to check the website for periodic updates. To subscribe to receive updates as items are filed on the civil docket, please visit www.eminifxreceivership.com/civil-docket and click on the blue "Subscribe" button. From there, you can sign up to get email notifications as pleadings are filed, daily, or weekly.

Who do I contact for additional information?

You may submit an inquiry by email at EminiFXInquiries@Stretto.com or by calling (855) 228-3721. Due to the enormous volume of questions, we do not expect to respond to every email or call.