Each the SEC’s and CFTC’s civil instances towards EmpiresX and its homeowners have been administratively stayed.
In separate orders filed on September nineteenth and twenty eighth, Decide Altonaga stayed the instances pending service on defendants Emerson Pires and Flavio Goncalves.
Pires and Goncalves ran EmpiresX. Each defendants, who’ve additionally been criminally charged, fled to Brazil upon studying they have been beneath investigation.
Consequently the SEC and CFTC have initiated worldwide service on the Defendants via the Hague Conference.
Whereas that can get the job completed, the quick subject is it’s a time consuming course of.
Acknowledging that service through Hague Conference can take “six to eight months, or extra”, the courtroom has ordered each instances stayed to “make sure the orderly progress of the case(s)”.
The CFTC has been directed to file Standing Studies detailing service progress each 60 days, starting October seventh. The SEC has been directed to do the identical starting October twenty eighth.
The case shall be restored to the energetic docket in spite of everything Defendants are served upon Courtroom order following movement of a celebration.
In spite of everything Defendants have been served, Defendants shall submit a single mixed response or separate solutions throughout the time allowed for the last-served Defendant to reply.
Co-defendants Empires Consulting Corp and Joshua Nicholas have already been served.
I’ll proceed to watch each the SEC’s and CFTC’s case dockets for updates on a month-to-month foundation.