EmpiresX scammer Joshua David Nicholas has been sentenced to 51 months in prison.

Nicholas’ sentence was handed down after 45 minute sentencing hearing, held on November 28th.

After Nicholas has served his four and a quarter years in prison, he will be subject to an additional three years of supervised release. Nicholas will also surrender $267,246 as part of his judgment.

A restitution hearing has been scheduled for February 7th, 2023. I’m unclear on whether this relates to the $267,246 judgment or additional financial penalties.

EmpiresX was a $100 million Ponzi scheme that collapsed in December 2021.

Nicholas was part of EmpiresX’s corporate team, initially appearing as “Master Trader” Joshua Greg.

Following the revelation that this was a stolen identity, Nicholas reverted to using his actual name.

Nicholas worked with EmpiresX founders Emerson Pires and Flavio Goncalves, who fled the US for Brazil upon learning they were under investigation.

Pires and Goncalves are indicted fugitives on the run. They, along with Nicholas, are also facing parallel civil fraud proceedings filed by the SEC and CFTC.

Of interest are six recent “system entry” restricted filings on the EmpiresX criminal case docket. I’m not sure whether these pertain to Nicholas’ sentencing or developments with Pires and Goncalves.

Stay tuned for updates as BehindMLM continues to track the EmpiresX cases.


Update 6th February 2023 – Joshua Nicholas’ restitution hearing has been rescheduled for February 24th.

Cited reasons for the delay include ongoing correspondence with EmpiresX victims, and the potential for a restitution settlement.


Update 25th February 2023 – On February 22nd the DOJ requested Joshua Nicholas’ restitution be continued.

The DOJ claimed the “the delay is necessary to determine the amount to be ordered”.

The court granted the DOJ’s unopposed motion on February 23rd. Nicholas’ restitution hearing has been rescheduled for March 7th.


Update 8th March 2023 – Joshua Nicholas has been ordered to pay $3.3 million in restitution.