The SEC reaches a $35 million settlement with crypto hedge fund EmpiresX

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has reached a settlement with the now-defunct crypto hedge fund EmpiresX, which has agreed to pay $34,839,951 as a penalty for deceiving investors and violating securities laws.

In June of last year, the SEC announced fraud charges against EmpiresX and its co-founders Emerson Sousa Pires, Flavio Mendes Goncalves, and chief trader Joshua David Nicholas. The four defendants were accused of "fraudulently enticing investors with promises of daily profits of 1% and misappropriating large sums of investors' funds." (source link)