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.  Once we launch Portal 2.0 (target date: October 2024), you will be able to input your payment information, and we will use Portal 2.0 to announce distribution percentages and amounts.  

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 will have the ability to do that when we launch Portal 2.0 (target date: October 2024), and 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 will have 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 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.

EminiFX Users were required to submit their transactions, verifying those transactions in the Portal that are correct, disputing any transactions, adding members to a transaction or adding any missing transactions by February 26, 2024.  

The Receiver and his team are working through open issues for submitted transactions.  The Receiver will use the User Portal to follow up with Users who have any issues with their transactions, especially disputed transactions.  Please continue to monitor your User Portal page and your email for further instructions.

The Receiver and his team are reviewing the disputed transactions and may reach out to Users with additional questions or clarifications.  You may receive, on your User Portal page, a communication from the Receiver’s team concerning your submission.  In general, an email will also be sent to you when a communication is sent from the Receiver’s team.

The Receiver and his team are working to reduce the number of disputes that have to be adjudicated by the Court.  For any remaining disputed transactions, the Receiver will make a submission to the Court and affected Users will be given notice and will have an opportunity to respond.

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 and his team will attempt to resolve certain disputed transactions consensually with the Users, where feasible.  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.

It is possible that the amount of each transaction, as reflected in the Transaction Log, may differ slightly from the amount that may be reflected in your records.  This is because you may have had to pay fees and other transactions costs (e.g., transaction fees for CoinPayments).  The amounts listed in each transaction reflect the amount contributed to the EminiFX System, net of fees and transaction costs.  The same may be true of fees you may have had to pay upon making a withdrawal from the EminiFX System.

Transaction records do not reflect accrued return on investment and bonuses that may have been displayed on the EminiFX platform.  Any purported return on investment or bonuses are not included to the Transaction Log.  The Receiver is only looking to validate transactions of funds into the EminiFX system, or out of the EminiFX system, in this process.

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.

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.

On August 29, 2023, the Court entered an Order approving the verification of User Transaction Procedures (docket no. 228). Additional information about the transaction procedures can be found HERE.  An e-mail will be sent to all known users of the EminiFX system on or about September 12, 2023.  The e-mail will provide the user with login information and instructions on how to log onto the portal to verify or update user transactions.  Users should also refer to the “Frequently Asked Question” section specific to the user portal, as well as YouTube videos, which will be made available at the time of the launch of the user portal.

If you were a member of EminiFX, you will need to verify your transactions using the Portal. The Receiver will, at a later date, propose a process to the Court to return money to the members. Please monitor this site, and the email address you used to sign up for EminiFX.com, for additional information.

No. The Receiver has NOT filed a distribution plan in this case or requested that the Court approve ANY distributions.

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

If you are not an EminiFX User or have a Claim against EminiFX not based on your status as a User, you must complete and serve a Proof of Claim.  The proof of claim form will be sent to parties that have advised the Receiver that they may have a claim against EminiFX and the proof of claim form is also available on this website.  Additional information about the Non-User Proof of Claim Procedures can be found here.

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 Asset Recovery section of the website HERE.

Once the User Transaction Procedures process is complete, the Receiver intends to develop a distribution plan for Court approval.  That process has not yet begun and will be influenced by the outcome of the claims filing process, the verification of user transactions and the subsequent determination of user claims.  The Receiver will provide further updates on a plan of distribution at the appropriate time in the case.  Any plan will be subject to Court approval and interested parties will have the opportunity to review any proposed plan of distribution before approval.

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

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).