the US Commodity Futures Trading Commission (CFTC) announced that a federal court in the United States has ordered the Brazilian founder of the illegal cryptocurrency investment platform EmpiresX to pay a fine and compensation of over $130 million. On February 4th, Judge Cecilia Altonaga of the Southern District Court of Florida imposed permanent injunctions, economic sanctions, and other legal actions against Empires X founders Emerson Pires, Flavio Goncalves, and their partner Joshua Nicholas. According to court documents, Empires Consulting operated a fraudulent investment scheme called EmpiresX, which falsely promised high returns to investors. Pires and Goncalves were accused of obtaining at least $40 million from victims through false cryptocurrency advertisements.
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CFTC fines EmpiresX founder $130 million for cryptocurrency fraud
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