A Florida man pleaded guilty in federal district court on Thursday to participating in a cryptocurrency-based Ponzi scheme that defrauded investors of approximately $100 million, the Department of Justice announced today.
The department says Joshua David Nicholas of Stuart, Florida—population 16,000—acted for nearly two years as the so-called “head trader” of EmpiresX, a cryptocurrency investment platform that promised investors daily profits of one percent thanks to the combined abilities of a state-of-the-art "trading bot” and Nicholas’ manual trading acumen.
In reality, the bot did not exist.
Nicholas, along with EmpiresX co-founders Emerson Sousa Pires and Flavio Mendes Goncalves, took the majority of investors’ funds and leased a Lamborghini, bought numerous items from Tiffany & Co., and made payments on a second home.
According to the Justice Department, the small amount of users’ funds that Nicholas did trade in the cryptocurrency market incurred substantial losses.
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