In March 2024 the CFTC secured a $64.3 million settlement in opposition to EmpiresX’s dad or mum firm Empires X Consulting.
I figured that was the top of the case and left it there. Seems extra judgments in opposition to the people behind EmpiresX had been pending.
On February 4th, 2025 the CFTC secured a $129 million judgment in opposition to EmpiresX co-founders Emerson Pires and Flavio Goncalves, and “Grasp Dealer” Joshua Nicholas (aka Joshua Greg).
- Pires and Goncalves are collectively ordered to pay $32.1 million in disgorgement, plus post-judgment curiosity;
- Pires and Goncalves are collectively ordered to pay a $96.5 million civil penalty, plus post-judgment curiosity;
- Nicholas is ordered to pay $289,000 in disgorgement, plus post-judgment curiosity; and
- Nicholas is ordered to pay an $867,000 civil penalty, plus post-judgment curiosity
The overall quantity ordered within the judgment involves $129,872,280.
The order additionally prohibits the EmpiresX particular person defendants from having something to do with commodities within the US, in addition to prohibiting additional violations of the Commodities Act.
As EmpiresX was collapsing, Pires and Goncalves fled to Brazil. The pair had been criminally indicted within the US in 2022.
Goncalves stays at giant. Pires was arrested on Mining Capital Coin fraud expenses by Brazilian authorities in late 2023. There have been no updates on Pires’ standing since.
A $45.8 million default judgment was ordered in opposition to Goncalves and Pires in a associated SEC enforcement motion in June 2023.
Following his arrest and subsequent responsible plea, Joshua Nicholas was sentenced to 51 months in November 2022.
Nicholas acquired a $300,026 judgment within the SEC’s parallel proceedings
Nicholas is at the moment being held a Coleman Low FCI with a September 14th, 2025 launch date.