empiresx

ChainCatcher News, the U.S. Commodity Futures Trading Commission (CFTC) announced that a U.S. federal court has ordered the Brazilian founders of the illegal cryptocurrency investment platform EmpiresX to pay over $130 million in fines and restitution.On February 4, U.S. District Judge Cecilia Altonaga for the Southern District of Florida imposed a permanent injunction, financial penalties, and other legal actions against EmpiresX founders Emerson Pires, Flavio Goncalves, and their partner Joshua Nicholas.According to court documents, Empires Consulting operated a fraudulent investment scheme called EmpiresX, which falsely promised high returns to investors. Pires and Goncalves are accused of obtaining at least $40 million from victims through deceptive cryptocurrency advertisements.

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)