The Receiver and his team launched a revised User Portal on October 30, 2024.  The revised User Portal—Portal 2.0—includes the Receiver’s determinations for each of the disputed transactions.  

Portal 2.0 allows users to submit their payment information and review the Receiver’s determinations and decide whether to accept the Receiver amount or object to that amount and provide additional information to resolve the dispute.   

We encourage everybody to visit the User Portal to determine the status of their transactions and, most importantly, provide payment information.
 

Please check your spam or junk folders. The code may be found there.  If an email with the code is not in either folder, please check your blocked email addresses and see if you have previously blocked emails from @stretto.com. If you have blocked emails you will need to unblock @stretto.com first before requesting a new code. When requesting a new code, or if you still encounter issues after following the instructions above, please contact Stretto at EminiFX@stretto.com.

Please send an email to EminiFX@stretto.com identifying the accounts you sought to merge. We will review and get back to regarding this issue as promptly as possible.

The Receiver and his team engaged in a thorough review of EminiFX’s books and records and compared that information to the transaction information provided by each User. Where the Receiver could not verify or validate the transaction information provided by the User or if the User did not provide any information, the Receiver disputed those transactions. For each disputed transaction on your transaction log, the basis for the dispute is listed.  A summary explaining the basis for each type of dispute and how it can be resolved can be found in the Updated Portal Instructions page on the Receiver’s website and found https://www.eminifxreceivership.com/updatedportalinstructions.

First, you must respond on the portal to any disputed transaction by December 16, 2024.  If you do not respond by December 16, you will waive your right to object, and the Receiver’s amounts will be used to determine your claim

You can respond to disputes in two ways:

(1) You can agree to the Receiver’s determinations for all of your disputed transactions by hitting “Accept All” at the bottom of the Claim Status section.  What clicking this means is that you agree to use the numbers the Receiver was able to verify, and you are not going to object to any of  the listed disputes.  If you agree to accept all and click the button, you will get a final pop-up notice that asks you to confirm that you want to accept all of the Receiver’s recommendations. 

(2)  You can review each of the disputed transactions on your updated transaction log and either accept or dispute each transaction.  A disputed transaction will show as “Disputed,” and the reason for the dispute will appear under “Basis for Dispute.” 

The Receiver’s determination—that is, the amount the Receiver proposes for your transaction—is shown in the “Receiver Determination Amount” column.   

If you object to the Receiver’s determination, after selecting Dispute, you will need to provide a reason why you do not agree with the Receiver and upload any documentation in support of your position. Once submitted, the Receiver will consider your dispute and he or a member of his team may reach out to you to discuss and seek to resolve. 

The Receiver and his team will attempt to resolve certain disputed transactions consensually with each User, if possible.  The Receiver can resolve disputes that are about whether a transaction actually occurred, and may reach out to ask for more information.  The Receiver cannot resolve disputes where a User is seeking ROI, Bonuses, or another amount not allowed under the Claims Procedures and Proposed Plan.

If you do not agree with the Receiver’s determination with respect to any disputed transactions, the Receiver will file an objection with the Court pursuant to the Court-approved User Transaction Procedures.

 
You will be provided with notice of such objection and instructions for how to submit a response to the Court if you so choose.  In general, the Receiver will take steps to ensure that Users are not identified by name, user ID, or any other personally identifying information in the objection log or the responses thereto.
 

The documents that you may have provided were insufficient to verify your added transaction or your dispute.  Thing like a snapshot of your EminiFX dashboard or purchases of Bitcoin without documents showing that the Bitcoin was then deposited into EminiFX are insufficient to verify a transaction.  A summary explaining the basis for each type of dispute and how it can be resolved, including the type of document that will be most useful to resolve a particular dispute, can be found in the Updated Portal Instructions page on the Receiver’s website and found HERE

The Receiver considers all the transaction information provided by Users and compares it to the books and records of EminiFX. Where a discrepancy is found and/or if the information provided by the User is not sufficient to verify or validate that the transaction took place, the Receiver is obligated to object to those transactions.  

The amount of each transaction, as reflected in the Transaction Log, may differ slightly from the amount that may be reflected in your records because you may have had to pay fees and other transactions costs (such as transaction fees for CoinPayments).

As a reminder, the Receiver is not giving credit for ROI, bonuses or internal transfers.  
 

Yes.  For Users residing outside the United States, the Payment section of the Portal provides several options to receive distributions electronically, including PayPal, Zelle, and Venmo. 

However, some (or all) of the electronic payment options may not be available in all countries. We are aware of a small number of non-US countries in which none of the electronic payment options are available to Users. The Receiver’s team will be reaching out to Users in those countries directly to discuss alternative payment options.

You may request to update your email or other contact details by selecting the “Change Contact Info” link at the top of the User Portal screen. All requests will be submitted to the Receiver for consideration.

The Payment panel in the User Portal can be updated to change your payment information. You will be able to make updates at any time, except within a small window prior to the Receiver making any distribution.  The Receiver will notify Users of any deadline to update payment methods prior to making a distribution.

Please reach out to Stretto at EminiFX@stretto.com  and explain what happened

If you missed the deadline, your transactions have been presumptively verified.  You cannot add or dispute transactions.  However, you will NOT lose any claim you may have—that claim will be based on the data available to the Receiver, including the amount of withdrawals and deposits made by the User.

The Receiver has undertaken a review of documents available to him and has sought to attribute all deposits of money into the EminiFX System (Contributions) and all withdrawals from the EminiFX System (Withdrawals) to a particular EminiFX User Account.  If there are no transactions listed on you Transaction Log, it means that the Receiver did not find any Contributions or Withdrawals related to your EminiFX User Account, nor did the User add any during the User Portal process. 

If you have not made any contributions or withdrawals into or out of the EminiFX System, you do not need to do anything and no action is required by you.

The procedures for the verification of User Contributions and Withdrawals contain a complete description of the process for reviewing such transactions, which can be found at the Procedures Order (docket no. 228).  The most recent version of the Procedures can be found on the Receivership website HERE.

If your claim does not have any disputed transactions, and you provide valid payment information, our goal is to commence initial distributions at the end of 2024 and into 2025.  However, the Proposed Plan must be approved first, and under the Proposed Plan any pre-receivership withdrawals will be subtracted from the distribution amount.  

Note:  A very small number of users may have their claims held for further review.  This is uncommon.  For those users, the Receiver and his team will work with affected users to resolve issues arising from the hold.  That process will take time, but all review holds will expire automatically on June 30, 2025 if the Receiver has not sent a demand or filed a motion with the Court.

If you have no disputed transactions, all you need to do is provide us with valid payment information.  You must provide the Receiver with valid payment information through the User Portal.  The Receiver encourages you to choose an electronic payment option for faster payment.  If you have disputed transactions, you will be able to work with the Receiver’s team to resolve those disputes, and you will also have an option to choose to accept the Receiver’s recommendations.  If your claim is held for further review—which is highly unlikely for the vast majority of users—the review hold will need to be resolved before a distribution can be made.

The Receiver will set the initial rising tide percentage only if the Proposed Plan is approved, and users have had a chance to provide payment information and validate their transactions on Portal 2.0.  The Receiver expects this to be the first of multiple distributions.  The Receiver cannot at this time state what the initial rising tide percentage will be, but he will file a notice of the set percentage prior to commencing distributions.  The Receiver expects to periodically increase the rising tide percentage as issues in the receivership are resolved and it is safe to do so.  When that happens, the Receiver will make supplemental distributions to eligible users.

The Receiver does not believe that method of distribution (commonly called “net investment”) is appropriate for EminiFX.  Because the Receiver maintains that EminiFX operated as a Ponzi-like scheme, withdrawals were paid from a pool of all users’ funds.  Because of that, using the “net investment” method of distribution, which would result in some users receiving more from EminiFX than other users, would be unfair to investors who did not withdraw, but whose deposits were used to fund other users’ withdrawals.

The Receiver has undertaken a detailed analysis of ROI and bonuses and found that they were fictitious.  They were not connected to any investment returns – in fact, EminiFX lost money almost every week.  (Click HERE for the weekly EminiFX performance figures.)  Because ROI was not real, and only paid out pre-receivership funds using other users’ deposits, the Receiver does not believe it is appropriate to use ROI as the basis for any user’s claim.
 

When a user received a transfer from another user, that is not money coming into the EminiFX system.  The user who deposited the original funds should have received a credit for that deposit, and we cannot double count it by also giving credit to the user who received a transfer.  And, if there was any ROI or bonuses included in that transfer, those were fictitious profits and not real.  Therefore, we cannot count transfers toward a user’s claim.  However, our Claims Procedures state that nothing in this process is intended to limit a user’s right as against third parties.

That user had the opportunity when using User Portal 1.0 to add members to transactions that were actually the deposits of other users.  The Receiver made a tool available in User Portal 2.0 for users to transfer their deposits to other users, but only if there is an inter-user dispute or an objection based on the Receiver not recognizing internal transfers.  The ability to reassign transfers in Portal 2.0 was made available through 11/15/24.  The Claims Procedures also state that nothing in this process is intended to limit a user’s right as against third parties.

A large percentage of users deposited a relatively small amount of money, as compared to other users.  Because the rising tide percentage will be increased over time, the incremental distributions to those users would be very small amounts.  The Proposed Plan provides that the Receiver does not have to make distributions if the amount to be distributed is less than $50.  For users who deposited less than $1,000, the Receiver is going to set a one-time percentage that is not expected to ever be increased, and those users will get a single up-front distribution.  This will reduce the costs on the receivership and will eliminate the need for most very small distributions.

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

As a result, EminiFX is no longer in operation.  No withdrawals are permitted, and all EminiFX users who contributed or withdrew money can validate their transactions through the Receiver’s court-approved transaction verification process, using the EminiFX User Portal HERE.

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

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.

The assets collected will ultimately be distributed in a manner to be determined and approved by the court at a later time.

EminiFX is in receivership because it was alleged to have been operated in a Ponzi-like manner, offering unrealistic returns of 5.00-9.99% per week without any corresponding investments that would support those returns.  The Receiver’s investigation, as summarized in the Financial Condition Report filed on May 15, 2023, has demonstrated that withdrawals from EminiFX were funded with contributions from EminiFX users, rather than from investment gains.  See the Commodity Futures Trading Commission’s Complaint, filed on May 11, 2022, for additional allegations that led to the Receivership.

On February 10, 2023, Eddy Alexandre pleaded guilty to one count of commodities fraud and entered into a Consent Preliminary Order for Forfeiture, available HERE.  That order states, in paragraph 11:  “All assets distributed to the victims by the Receiver in the CFTC Action that were obtained from the Defendant and EminiFX shall be applied towards the satisfaction of the Money Judgment.”

On July 18, 2023, Eddy Alexandre was sentenced to nine (9) years of imprisonment.  Mr. Alexandre is currently incarcerated.

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

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

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

No. The Receiver has NOT made any distributions yet.  If the Court approves the proposed plan of distribution, the Receiver expects to begin making distributions at the end of 2024 if the proposed plan of distribution is approved by the Court.

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

The Receiver believes that all material EminiFX assets have been turned over to the Receivership, subject to any right to pursue claims against third parties as appropriate. All digital assets in the Receivership have been liquidated, and the Receiver has placed the cash in interest-bearing accounts. As of August 2023, there is over $153 million in cash in the Receivership. For more information please see the Receiver’s most recent status report, linked to on the homepage, and or the Receivership Finances section of the website HERE.

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.

You may submit an inquiry by email at EminiFX@Stretto.com or by calling (855) 228-3721 (toll-free) or 1(949) 407-5078 (international).