- The “head trader” of EmpiresX pleaded guilty to a $100 million fraud scheme.
- The Department of Justice said the crypto platform was in reality a Ponzi scheme.
- Joshua David Nicholas and two others were charged in June with wire and security fraud.
The “head trader” of an investment fraud scheme posing as a cryptocurrency platform that defrauded investors of about $100 million has pleaded guilty to one count of conspiracy to commit securities fraud, the Department of Justice said.
Joshua David Nicholas, 28, of Stuart, Florida worked for EmpiresX, also known as Empires Consulting Corp. It operated a “Ponzi scheme by paying earlier investors with money obtained from later EmpiresX investors,” the DoJ said in a news release on Thursday.
Prosecutors accused Nicholas…
