The “head trader” of a crypto platform that defrauded investors of $100 million and spent the cash on a second house, high-priced bling, and rented Lambos is heading to jail for over 4 years for his part in the scheme.
investor money was used to “lease a Lamborghini, shop at Tiffany & Co., make a payment on a second home, and more.”Investors were also told EmpiresX was registered with the SEC as a hedge fund and that Nicholas was a licensed trader.
The SEC said the platform was never registered with the Commission and Nicholas’ was suspended from trading by the National Futures Association forThe scheme ran for two years, from around September 2020 until early 2022 when it fell apart as the platform refused to honor customer withdrawals who were likely wanting to leave the crypto market due toPires and Goncalves, who were residing in Florida, allegedly began winding down the operations of EmpiresX in early 2022 and left the U.S.
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