A US man has pleaded guilty to conspiracy to commit securities fraud related to a global cryptocurrency-based Ponzi scheme that collected over $100 million from unsuspecting investors.
The 28-year-old was the Head Trader for EmpiresX, a purported cryptocurrency platform. He misrepresented EmpiresX by promoting a purported proprietary trading bot that maximized profitability and fraudulently promising guaranteed returns to investors and prospective investors.
In reality, EmpiresX was operating a Ponzi scheme, paying earlier investors with money collected from later investors. Moreover, the company did not register with the US Securities and Exchange Commission when it was required to do so.
Source: US Department of Justice