EmpiresX Trader Pleads Guilty in Crypto Investment Fraud Scheme

Sept. 8, 2022, 6:16 PM UTC

The head trader of EmpiresX, Joshua David Nicholas, has pleaded guilty to conspiracy to commit securities fraud in connection with a global cryptocurrency scheme, the US Department of Justice said Thursday.

Nicholas allegedly admitted to falsely claiming to use an artificial intelligence trading bot to generate profits for investors, while actually engaging in a Ponzi scheme, the department said.

Nicholas faces a maximum penalty of five years in prison, it said.

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