|The DoJ announced that Joshua David Nicholas, 28, pleaded guilty for his role in a global cryptocurrency fraud that stole $100m from investors. Nicholas admitted that he and others lied about EmpiresX, a purported cryptocurrency platform, to investors, including promising guaranteed returns and claiming that EmpiresX operated a trading bot that used artificial and human intelligence.|
The SEC also charged Nicholas along with Empiresx founders Emerson Pires and Flavio Goncalves, both of Brazil.
|EmpiresX was a classic Ponzi scheme that paid earlier investors with money obtained from later investors. Virtually nothing flowed to any trading accounts, most of the loot went to luxury purchases by the crooks. 'Head Trader' Nicholas is looking at 5 years.|