Joshua David Nicholas
The self-styled 'head trader' of the EmpiresX crypto Ponzi scheme, who was touted as a licensed trader despite a prior NFA bar. He pleaded guilty to securities-fraud conspiracy and was sentenced to 51 months in prison.
Also known as: Joshua Nicholas
Bio
Joshua David Nicholas was the "head trader" of EmpiresX, a purported crypto hedge fund. He and co-founders Emerson Sousa Pires and Flavio Mendes Goncalves promoted a fake "EX BOT" and "guaranteed" returns; Nicholas was touted as a licensed trader while, per the CFTC, he had been barred by the National Futures Association for misappropriating customer funds. [1][2]
Legal outcome
Nicholas pleaded guilty to conspiracy to commit securities fraud and was sentenced to 51 months in prison, three years of supervised release, and $3,379,527 in restitution. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
- SEC v. Joshua David Nicholas, et al. (EmpiresX) — litigation release — U.S. SEC
- EmpiresX Scammer Gets 51 Months For Crypto Ponzi Scheme — CoinMarketCap (DOJ release summary)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.