EmpiresX's top trader pleaded guilty to a $100 million securities fraud charge

Joshua David Nicholas, the head trader of so-called cryptocurrency platform EmpiresX, pleaded guilty to securities fraud conspiracy charges in a Ponzi scheme that defrauded investors of about $100 million, according to documents released by the US Department of Justice on September 9. Nicholas admitted that he and several others fraudulently promoted EmpiresX by making numerous false statements to the company's investors and potential investors about alleged proprietary trading bots and fraudulent promises of guaranteed returns. Moreover, EmpiresX was never registered. Joshua David Nicholas faces up to five years in prison. No sentencing date has been set.