NEW YORK CITY, New York: Federal officials have announced that Eddy Alexandre, CEO of Valley Stream trading, is facing charges in a $59 million cryptocurrency fraud.

According to U.S. Attorney Damian Williams, Alexandre, 50, the head of a purported cryptocurrency and forex trading platform called EminiFX, has been charged with commodities and wire fraud offenses.

Alexandre is alleged to have made false representations in connection with the EminiFX trading platform, to solicit more than $59 million in investments from hundreds of investors.

From September 2021 through May 2022, Alexandre operated EminiFX and solicited funding from hundreds of investors, prosecutors said, adding that he marketed the company as an investment platform through which investors would earn passive income through automated investments in cryptocurrency and foreign exchange trading.

Alexandre offered his investors "guaranteed" high returns using new technology that he claimed was secret, and falsely told investors that they would double their money within five months of investing, earning a 5 percent weekly return using a "Robo-Advisor Assisted account," Williams said.

However, for investigators, Williams stressed that the company did not earn 5 percent weekly returns, which Alexandre was allegedly aware of, and most of the money received from clients was never invested.

Alexandre is alleged to have lost more than $6 million in funds he actually invested, which was not disclosed, and instead of using investor funds as was promised, he instead misdirected at least $14.7 million to his personal bank account and lived a lavish lifestyle.

If convicted on the charges, Alexandre faces up to 20 years in prison.