In March 2024 the CFTC secured a $64.3 million settlement against EmpiresX’s parent company Empires X Consulting.

I figured that was the end of the case and left it there. Turns out additional judgments against the individuals behind EmpiresX were pending.

On February 4th, 2025 the CFTC secured a $129 million judgment against EmpiresX co-founders Emerson Pires and Flavio Goncalves, and “Master Trader” Joshua Nicholas (aka Joshua Greg).

  • Pires and Goncalves are jointly ordered to pay $32.1 million in disgorgement, plus post-judgment interest;
  • Pires and Goncalves are jointly ordered to pay a $96.5 million civil penalty, plus post-judgment interest;
  • Nicholas is ordered to pay $289,000 in disgorgement, plus post-judgment interest; and
  • Nicholas is ordered to pay an $867,000 civil penalty, plus post-judgment interest

The total amount ordered in the judgment comes to $129,872,280.

The order also prohibits the EmpiresX individual defendants from having anything to do with commodities in the US, as well as prohibiting further violations of the Commodities Act.

As EmpiresX was collapsing, Pires and Goncalves fled to Brazil. The pair were criminally indicted in the US in 2022.

Goncalves remains at large. Pires was arrested on Mining Capital Coin fraud charges by Brazilian authorities in late 2023. There have been no updates on Pires’ status since.

A $45.8 million default judgment was ordered against Goncalves and Pires in a related SEC enforcement action in June 2023.

Following his arrest and subsequent guilty plea, Joshua Nicholas was sentenced to 51 months in November 2022.

Nicholas received a $300,026 judgment in the SEC’s parallel proceedings

Nicholas is currently being held a Coleman Low FCI with a September 14th, 2025 release date.