- Joshua David Nicholas was the “Head Trader” for EmpiresX according to DOJ.
- The exchange would be a scam that stole digital assets worth $100 million.
Florida native Joshua David Nicholas pled guilty to defrauding investors of $100 million in digital assets via his participation within the cryptocurrency network EmpiresX. Consequently, he may spend as much as 5 years in Federal prison.
The federal government arrested a brand new Florida-based criminal gang recently. Three Miami residents, recognized as Esteban Cabrera Da Corte, Luis Hernandez Gonzalez, and Asdrubal Ramirez Meza, address 3 decades imprisonment for his or her roles inside a $4 million bank and cryptocurrency scam.
AI and Human Intelligence to improve Profits
The United States Department of Justice (DOJ) has released an announcement claiming that Joshua David Nicholas was the “Head Trader” for EmpiresX, a cryptocurrency exchange that guaranteed “guaranteed” profits to users.
Still, the exchange would be a scam that stole digital assets worth $100 million from unsuspecting investors. Nicholas along with a couple of of his coworkers lied to customers through the company’s entire lifespan, stating that they used AI and human intelligence to improve profits.
Like other Ponzi schemes, EmpiresX never bothered to join up with financial government bodies or take every other safeguards to make sure that the organization could legally operate.
One count of conspiracy to conduct securities fraud was accepted to through the platform’s mind. Since he’s already acknowledged his offences, he faces no more than 5 years inside a Federal penitentiary. A legal court will look at the U . s . States Sentencing Guidelines prior to making your final judgement, thus a sentencing date is not set.
All users who believe they’ve already been victims from the scam were advised to report it around the US Department of Justice’s website. Consequently, they’ll find out more about submitting an effect statement and achieving the right compensation.
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