Florida Man Sentenced for Five Years in Prison for Stealing $100M in Crypto

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Florida Man Sentenced for Five Years in Prison for Stealing $100M in Crypto:

A resident of Florida, Joshua David, pleaded guilty that he and his  team of the cryptocurrency platform EmpiresX scammed investors about $100 million worth of digital assets.

He has received a maximum penalty of up to five years in Federal prison.

Last month, the US authorities brought to justice another criminal crew from the Florida region;

The Miami citizens – Esteban Cabrera Da Corte, Luis Hernandez Gonzalez, and Asdrubal Ramirez Meza – are likely to spend up to 30 years behind bars for defrauding banks and a cryptocurrency platform for more than $4 million.

According to a statement by the US Department of Justice, Joshua David Nicholas was the “Head Trader” for EmpiresX, and promoted the platform as a cryptocurrency firm that offers “guaranteed” returns to investors.

Nevertheless, the trading platform was a fraudulent scheme that scammed investors about $100 million worth of digital assets.

In the working process of the scamming firm, Nicholas and some of his colleagues lied to users that the company harnessed the tech of artificial and human intelligence to maximize profitability.

EmpiresX was a typical Ponzi scheme, not even registered with the financial regulators, and never even took steps to receive the necessary licenses.

The head of the platform pleaded guilty to one count of conspiracy to commit securities fraud.

After admitting to the crimes, he will face a maximum sentence of five years in Federal prison.

Meanwhile, the sentencing date is not yet  scheduled as the judge will consider the final decision with the US Sentencing Guidelines before announcing it.

The law enforcement agents advised all victims of this scam to visit the official website of the US Department of Justice and identify themselves as potential preys of the scam.

Perhaps, they will get more information on how to be refunded and submit an impact statement.

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