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CFTC secures $129 mill judgment against EmpiresX scammers

The parent firm of EmpiresX, Empires X Consulting, was the subject of a $64.3 million settlement obtained by the CFTC in March 2024.

I assumed that was the case’s conclusion and let it rest there. It turned out that there were still ongoing judgements against the people behind EmpiresX.

The CFTC obtained a $129 million judgement against Joshua Nicholas, also known as Joshua Greg, and EmpiresX co-founders Emerson Pires and Flavio Goncalves on February 4, 2025.

  • Together, Pires and Goncalves must pay $32.1 million in disgorgement and interest after the judgement.

  • In addition to post-judgment interest, Pires and Goncalves are jointly compelled to pay a $96.5 million civil penalty.

  • In addition to post-judgment interest, Nicholas must pay $289,000.

  • A $867,000 civil penalty and post-judgment interest was imposed on Nicholas.

$129,872,280 is the total sum ordered in the judgement.

Along with outlawing other Commodities Act crimes, the decision also forbids the EmpiresX individual defendants from dealing in any way with commodities in the United States.

Pires and Goncalves escaped to Brazil when EmpiresX was falling apart. In 2022, the two were charged with crimes in the United States.

Goncalves are still out there. In late 2023, Pires was taken into custody by Brazilian police on suspicion of fraud using Mining Capital Coin. Since then, Pires’ condition has not been updated.

In a subsequent SEC enforcement action in June 2023, Goncalves and Pires were forced to pay a default judgement of $45.8 million.

In November 2022, Joshua Nicholas was sentenced to 51 months after his arrest and subsequent guilty plea.

Nicholas was awarded $300,026 in the simultaneous SEC proceedings.

Nicholas is being detained at a Coleman Low FCI and is scheduled to be released on September 14, 2025.