The SEC’s EmpiresX civil fraud case has been reopened. Last October both the SEC’s and CFTC’s parallel EmpiresX civil proceedings were stayed, pending Hague service on co-founder defendants Emerson Pires and Flavio Goncalves. In March 2023 Brazilian authorities informed the SEC they’d been unable to find Pires and Goncalves. This prompted the regulator to file […]
SEC’s EmpiresX civil fraud case reopened, CFTC update Read More »
The SEC has been granted permission to serve EmpiresX fugitives Emerson Pires and Flavio Goncalves via email. The latest development follows a failed attempt to serve Pires and Goncalves via the Hague Convention. Brazilian authorities claim they were unable to find either fugitive. On March 28th, the SEC filed a motion requesting permission to serve
SEC granted permission to serve Pires & Goncalves via email Read More »
Joshua David Nicholas has been ordered to pay $3.3 million in restitution. The order follows Nicholas pleading guilty to one count of conspiracy to commit wire fraud last September. That plea led to a 51 month prison sentence, handed down a few months later in November. As reviewed by BehindMLM in June 2021, EmpiresX was
Joshua D. Nicholas to pay $3.3 million in EmpiresX restitution Read More »
Default judgment has been granted against EmpiresX founders Emerson Pires and Flavio Goncalves. Respective orders against the two scammers, both of whom have fled to Brazil, were filed on December 7th. It is presently unclear on what default judgment against Pires and Goncalves means in the EmpiresX civil class-action. BehindMLM learned of the class-action back
Default judgment against EmpiresX scammers in civil case Read More »
EmpiresX scammer Joshua David Nicholas has been sentenced to 51 months in prison. Nicholas’ sentence was handed down after 45 minute sentencing hearing, held on November 28th. After Nicholas has served his four and a quarter years in prison, he will be subject to an additional three years of supervised release. Nicholas will also surrender
Joshua D. Nicholas sentenced to 51 months for EmpiresX fraud Read More »
Both the SEC’s and CFTC’s civil cases against EmpiresX and its owners have been administratively stayed. In separate orders filed on September 19th and 28th, Judge Altonaga stayed the cases pending service on defendants Emerson Pires and Flavio Goncalves. Pires and Goncalves ran EmpiresX. Both defendants, who have also been criminally charged, fled to Brazil
EmpiresX SEC & CFTC cases stayed pending Hague service Read More »
The DOJ has made reference to restitution for investors of the EmpiresX Ponzi scheme. While it’s not much, I believe it’s the first we’ve seen restitution mentioned in EmpiresX fraud proceedings. The DOJ brought up restitution on the tail end of a September 9th motion, seeking alternative victim notification. This motion is necessary due to
DOJ addresses victim restitution in EmpiresX fraud case Read More »
Joshua David Nicholas has plead guilty to one count of conspiracy to commit securities fraud. Nicholas played “Master Trader” in EmpiresX, through the misappropriated alias “Joshua Gregg”. Nicholas signed his EmpiresX plea agreement on September 8th. As per the agreement, the DOJ has agreed to dismiss Count 1 of his indictment, pertaining to conspiracy to
Joshua David Nicholas pleads guilty to EmpiresX fraud Read More »
Joshua David Nicholas has settled with the civil EmpiresX class-action. Nicholas’ settlement follows “money of arms-length mediation” between the parties. As per a proposed settlement filed by the EmpiresX class-action Plaintiffs; On July 28, 2022, Defendant Nicholas contacted Plaintiffs’ Counsel and expressed a desire to begin settlement negotiations, that he wished to cooperate with Plaintiffs’
Joshua David Nicholas settles with EmpiresX class-action Read More »
The SEC has filed a motion requesting permission to allow alternative service on the Mining Capital Coin defendants. As per the SEC’s August 26th motion; Defendants Capuci and Emerson Sousa Pires now reside in Brazil. Accordingly, soon after the SEC filed this suit, it initiated the procedure for serving the Individual Defendants in Brazil pursuant
SEC moves for alternative service on MCC defendants Read More »
