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In response to one count of conspiracy to conduct securities fraud, Joshua David Nicholas entered a guilty plea.

In EmpiresX, Nicholas played “Master Trader” under the false name “Joshua Gregg.”

On September 8th, Nicholas admitted guilt in the EmpiresX case.

The DOJ has agreed to drop Count 1 of his indictment, which deals with a conspiracy to conduct wire fraud, by the terms of the agreement.

Additionally, the DOJ has agreed “not to pursue any new charges relating to (Nicholas’) role with empires.”

In connection with ongoing EmpiresX-related litigation, Nicholas has volunteered to help the DOJ. This specifically has to do with getting the creators of EmpiresX, Emerson Pires and Flavio Goncalves, who are now at large, convicted.

Nicholas will also hand over $312,246 in illicit gains linked to empires.

In June 2021, BehindMLM examined EmpiresX and properly identified it as a Ponzi scam.

The DOJ eventually acknowledged EmpiresX was a $100 million Ponzi scheme through indictments against Nicholas, Pires, and Goncalves that were submitted in June 2022.

Pires and Goncalves are still at large after escaping to Brazil. Investor losses at EmpiresX have been estimated at slightly over $40 million.

Nicholas entered a guilty plea and was granted a $50,000 bail the following day. With certain exceptions, Nicholas will be housebound while awaiting punishment.

Although the date for sentencing has not been set, Nicholas could be sentenced to up to five years in jail and a $250,000 fine.

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