EmpiresX Ponzi shuts down, selling investor data?
Following EmpiresX’s collapse late last year, the company has announced it’s shutting down.
The announcement was made via a communication sent out to investors in the last 24 hours.
One immediately concern the EmpiresX’s announcement raises is potential identity theft.
Citing unnamed “stakeholders”, EmpiresX writes;
Some stakeholders have violated standards and acted in ways that purport to harm the company.
Therefore, EmpiresX will be filling [sic] to discontinue operations and dissolve.
FINRA and the SEC get a mention, albeit amidst incoherent rambling;
EmpiresX deems certain standards to be self-evident.
Most importantly, EmpiresX despites being harmed, has determined that high standards of professionalism and ethical conduct are most important consistent with FINRA and SEC guidelines.
Despite offering securities by way of passive returns, primarily to US residents, EmpiresX was not registered with the SEC.
Seemingly acknowledging its regulatory non-compliance, EmpiresX goes on to state;
Therefore, EmpiresX has been returning invested capital to stakeholders and closing accounts.
EmpiresX has already returned a material portion of capital and your expected payment date will be available on your backoffice by the end of February.
BehindMLM is unaware of any EmpiresX affiliates receiving payment since October 2021.
The final point in EmpiresX’s announcement suggests the company may have sold investor information to an unnamed third-party.
To maintain high standards of professionalism and ethical conduct, EmpiresX is making changes to the back office, closing the website, and redirecting your login information to a third party.
This will protect your information, and increase transparency as EmpiresX maintains its commitment to transparency.
Anyone who has provided EmpiresX with personal information would be wise to evaluate how that information might be used by a third-party.
Ultimately EmpiresX’s exit announcement feels like a whimper. The company’s owners, Emerson Pires and Flavio Goncalves, are nowhere to be found.
Based on leaked data obtained in early January, BehindMLM believes Pires and Goncalves were still in Florida and Brazil respectively.
Whether they have since fled is unclear.
Pending further updates, stay tuned…
Update 7th May 2022 – The SEC has sued Emerson Pires, alleging at least $8 million in damages.
The lawsuit pertains to Mining Capital Coin, a Ponzi scheme Pires co-founded in late 2017.
On or around January 2022, Pires fled to Brazil.
Shohan Bowala finally got quiet on Facebook. Enjoy the break folks. He’ll be back with a new deal to grab your money.
Shohan Bowala is the main culprit for this big scam, he presented himself as his usual self saying it was safe EmpiresX, saying I had direct contact with the founders, and many other nice things, then when problems started he started using excuses in his secret groups of his avid followers, people who like to lose money with him.
The fact is that he took home a lot, but a lot of money from a lot of people, because his name had importance before Torque, whose end was the same as empiresx, now history repeats itself, and again people lost money by listening and believing in him.
I wonder how and ‘possible that there are still so many people willing to give money to these characters, among other things I am sure that Mr. Shohan and the various CEOs of the scam, are in agreement in great secrecy and know precisely when to run away with the loot