Joshua David Nicholas, head trader of cryptocurrency platform EmpiresX, has pleaded guilty to securities fraud conspiracy charges against him in a scheme to obtain about $100 million from investors, according to documents released by the U.S. Department of Justice. Nicholas admitted that he and several others fraudulently promoted EmpiresX by making numerous misrepresentations to investors and potential investors in the company about alleged proprietary trading bots and fraudulent promises of guaranteed returns. Additionally, EmpiresX was never registered and took no steps to do so. Joshua David Nicholas faces up to five years in prison, with no sentencing date set yet.
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