U.S. special agents from the FBI arrested and charged New York resident Eddie Alexander with digital asset fraud. Damages from the man's actions are estimated by U.S. authorities at tens of millions of dollars, court records show.

According to the indictment, 50-year-old Alexander was the founder and head of his own cryptocurrency trading service, EminiFX. In his own words, he managed to attract hundreds of depositors over the course of his business. They were promised a weekly income of 5%, as well as 100% of the invested funds after five months.

According to the law enforcers, the fraudster didn't plan to invest the received funds. He used the depositors' money to buy luxury goods and advertise his platform. According to Alexander, the depositors trusted him because of the promise that their money would be managed by the proven professionals of EminiFX. At the same time, the criminal never specified where he planned to invest the money given to him.

Now Eddie Alexander faces up to 20 years in prison. According to U.S. law enforcement estimates, the total damage from the fraudster's actions amounted to $59 million.