EmpiresX, formally known as Empires Consulting Corp, was a cryptocurrency Ponzi scheme launched in September 2020 out of Fort Myers, Florida. The scheme was co-founded by Emerson Sousa Pires and Flavio Goncalves, with Joshua David Nicholas serving as head trader. EmpiresX promised investors a guaranteed 1% daily return on Bitcoin and Ethereum investments, claiming to use proprietary trading technology.
The scheme fraudulently obtained approximately $100 million from investors worldwide before being shut down by the SEC in July 2022. The SEC, CFTC, and DOJ all brought separate actions against the operators, alleging securities fraud, wire fraud, and operating an unregistered commodity pool. Investigations revealed that EmpiresX had no legitimate trading operations and that investor funds were used for personal expenses and Ponzi-like payments to earlier investors.
In 2026, the EmpiresX Receivership was converted to a Trusteeship to manage remaining asset recovery. The CFTC secured a $129 million judgment against the founders. EmpiresX remains one of the largest cryptocurrency Ponzi schemes prosecuted by U.S. regulators, with total victim losses estimated at $100 million.
EmpiresX promised investors a guaranteed 1% daily return on BTC and ETH deposits. Returns were paid from new investor deposits, not from legitimate trading. No actual compensation plan existed — the scheme relied entirely on recruitment and Ponzi payments.
