A federal judge in New York has dismissed RICO claims in a class-action lawsuit against Pastor Eddy Alexandre, who pleaded guilty to commodities fraud in 2023. The case centers on EminiFX, a platform that promised investors double their money in five months using secret technology.
Prosecutors allege Alexandre raised $248 million from over 25,000 people-mostly from his church and Haitian community-without investing most funds. He diverted $14.7 million to personal accounts and bought a $155,000 BMW.
In 2023, he was sentenced to nine years and ordered to forfeit $248.9 million and pay $213 million in restitution. Last year, the CFTC secured a $229 million penalty against him and his company.
The court ruled that securities fraud claims under the Private Securities Litigation Reform Act were not actionable under RICO. Plaintiffs have 30 days to file an amended complaint.