EminiFX’s Receiver, David A. Castleman, has filed a lawsuit against Clarelle Dieuveuil, the former Chief Financial Officer, in the New York Supreme Court. The complaint asserts claims against Dieuveuil for breach of fiduciary duty and fraud related to her actions during her tenure at EminiFX. The Receiver also alleges that Dieuveuil facilitated another individual’s breaches of fiduciary duty and fraud and received over $500,000 in transfers from the company without providing any corresponding value.
In March 2022, as EminiFX began phasing out contributions into its primary accounts, the company suggested that investors utilize CoinPayments for their contributions. Despite this advising, some investors continued to make cash contributions through various EminiFX personnel who acted as intermediaries, handing cash to either Dieuveuil or another individual. This process resulted in the collection of over $6 million, yet only about $1 million reached EminiFX’s bank accounts.
Dieuveuil, as CFO, neglected her duty to ensure that these cash contributions were properly deposited into EminiFX’s accounts. Additionally, she was an account holder herself but failed to make substantial deposits. Instead, she benefited from a multi-level marketing structure, accruing referral credits. She withdrew over $300,000 from her account, cognizant that these funds stemmed from contributions made by other investors. Furthermore, she received $200,000 directly from EminiFX without providing value in return—this amount being separate from her regular salary.
On May 12, 2022, the FBI executed a raid at EminiFX’s headquarters and the residence shared by Dieuveuil and another individual. While the latter was arrested, Dieuveuil was not. Following the arrest, she reportedly contacted employees, advising them not to come to work, leading to a significant decrease in attendance that day. Even after an injunction was issued to halt EminiFX’s operations, Dieuveuil and others attempted to organize online meetings to continue the business.
The EminiFX scheme had serious repercussions for many investors, who are expected to recover only about half of their investments, forgoing any promised profits. Dieuveuil’s role was significant, as her actions directly contributed to the scheme’s operation by withdrawing large sums from investors and failing to maintain proper accounting records. She also led strategies that perpetuated the fraudulent operation and neglected to safeguard investor contributions.
As the Receiver operates with fiduciary responsibility for the firm’s estate, any recovery from this lawsuit is aimed at rectifying the losses suffered by innocent investors. The court-approved Distribution Plan makes it clear that any financial recovery from this legal action will be returned directly to the affected investors, ensuring that any recompense is directed toward those wronged rather than any individuals implicated in the misconduct.