Sorainen has successfully advised the receivership estate of EminiFX in recovering and repatriating approximately EUR 60 million in Bitcoin to the victims in an ongoing case where US authorities are targeting a crypto-related Ponzi-like scheme.
Sorainen reports it "assisted the Receivership Estate in recovering and repatriating the assets which had reached the platforms of crypto service providers in Estonia and Lithuania to the victims."
According to Sorainen, "the Commodity Futures Trading Commission launched action against EminiFX in May 2022. The CFTC complaint alleged numerous violations of the federal commodities laws in a Ponzi-like scheme whereby the defendants pooled at least USD 59 million from hundreds of members of the general public to purportedly trade Forex and cryptocurrencies as well as futures and options in an investment club."
According to the firm, "EminiFX allegedly promised outsized returns of 5% to 9.99% per week and gave the impression that EminiFX was profitably trading the participants’ contributions, which was false. Instead, the complaint alleges, although EminiFX’s trading at an online brokerage racked up over USD 6 million in losses, the EminiFX CEO misappropriated over USD 14.7 million for his personal accounts while continuing to report to participants that their account balances were actually increasing by 5% to 9.99% every week."
"A significant amount of Bitcoin fraudulently collected from EminiFX investors reached the platform of crypto service providers in Estonia and Lithuania," Sorainen reported, which the firm helped recover and repatriate to the victims.
Sorainen’s team included Partner Norman Aas, Counsel Darius Raulusaitis, Senior Associate Almina Ivanauskaite, and Assistant Lawyer Maarika Maripuu.
