Joshua David Nicholas has pleaded guilty to one count of securities fraud conspiracy.

In empires, Nicholas played “Master Trader” under the identity “Joshua Gregg.”

On September 8th, Nicholas signed his EmpiresX plea bargain.

The DOJ has agreed to drop Count 1 of his charge for conspiracy to conduct wire fraud, according to the deal.

In addition, the DOJ has agreed “not to seek any more charges connected to (Nicholas’) role with empires.”

Nicholas has agreed to help the DOJ with the ongoing EmpiresX litigation. This is specifically about obtaining convictions for EmpiresX’s fugitive founders, Emerson Pires and Flavio Goncalves.

Nicholas will also hand over $312,246 in ill-gotten gains linked to empires.

empires was evaluated by BehindMLM in June 2021, and it was appropriately identified as a Ponzi scam.

The DOJ would subsequently prove EmpiresX was a $100 million Ponzi scheme through indictments brought against Nicholas, Pires, and Goncalves in June 2022.

Pires and Goncalves are still at large after fleeing to Brazil. Investor losses at EmpiresX have been estimated to be somewhat more than $40 million.

Nicholas was released on $50,000 bail the same day he entered his guilty plea. Nicholas will be held at home with few exceptions until his sentence.

Although no date has been set for sentencing, Nicholas faces up to five years in jail and a $250,000 fine.

Update: On September 26th, 2022, the court accepted Nicholas’ guilty plea.

The sentencing date has been set for November 28th.

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