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Joshua David Nicholas

Date:

June 20, 2023

Type of alert:

SEC Final Judgment  

The SEC has obtained final judgment against Joshua David Nicholas. Nicholas was the head trader of an alleged hedge fund known as EmpiresX that was operated by co-defendants Emerson Sousa Pires and Flavio Mendes Goncalves. 

EmpiresX sold investments touting daily profits of 1% earned by a trading “bot.” It was later determined that the “bot” was fake and trading resulted in losses. The defendants allegedly misappropriated money for personal expenses, including a second home, a car, and luxury shopping.

Nicholas pled guilty and was sentenced to 51 months’ imprisonment, followed by three years of supervised release, and ordered to pay restitution. 

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