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
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
