Florida man faces five years in prison for stealing $100 million in cryptocurrency

Florida-based Joshua David Nicholas has pleaded guilty to defrauding investors of $100 million in digital assets along with other members of cryptocurrency platform EmpiresX. He now faces a maximum sentence of five years in federal prison.

Last month, US authorities brought to trial another criminal crew from the Florida area. Miami citizens – Esteban Cabrera da Corte, Luis Hernandez Gonzalez and Asdrobal Ramirez Meza – could spend up to 30 years behind bars for bank fraud and a cryptocurrency exchange worth more than $4 million.

Multimillion Crypto Ponzi Scheme

According to a statement from the US Department of Justice, Joshua David Nicholas was the “lead trader” for EmpiresX, which is being marketed as a cryptocurrency platform that offers investors “guaranteed” returns.

However, the trading venue was a fraudulent scheme that took over investors with $100 million worth of digital assets. During its years of existence, Nicholas and some of his colleagues have lied to users that the company uses artificial and human intelligence to increase profitability.

EmpiresX operated like a typical Ponzi scheme, not registered with financial regulators nor taking any steps to obtain the necessary licenses.

The platform leader pleaded guilty to one count of conspiracy to commit securities fraud. Since he pleaded guilty, he will face a maximum sentence of five years in federal prison. A sentencing date has not yet been set as the judge will consider the final decision along with US sentencing guidelines before it is announced.

Law enforcement agents encourage all affected users to visit the official website of the US Department of Justice and identify themselves as potential victims of the scam. In doing so, they will receive more information about how to obtain compensation and provide a statement of the results.

Another similar case in Florida

In late August, US authorities charged three Florida residents – Da Corte, Gonzalez and Meza with stealing more than $4 million from banks and cryptocurrency exchanges.

The perpetrators purchased digital assets from the trading platform using fake initials and complained to financial institutions that these transactions were made without the necessary authorization and demanded their refund.

The fraudulent coups drained more than $4 million from banks, while the underground cryptocurrency platform lost more than $3.5 million in digital assets.

But the Homeland Security Investigations (HSI) identified the fraud and organized the men’s arrest. They now face a prison sentence of up to 30 years.

A Florida man after five years in prison for stealing $100 million in Crypto debuts on CryptoPotato.

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