"A Florida man pleaded guilty today to conspiracy to commit securities fraud in connection with a global cryptocurrency-based Ponzi scheme that took in approximately $100 million from investors." Defendant "was the “Head Trader” for EmpiresX, a purported cryptocurrency platform [and] admitted that he and others fraudulently promoted EmpiresX by making numerous misrepresentations regarding, among other things, a purported proprietary trading bot and fraudulent “guaranteed” returns to investors and prospective investors in the company." Defendant in EmpireX case pleads guilty

Defendants "claimed that EmpiresX operated a trading bot that used artificial and human intelligence to maximize profitability for investors. Instead, EmpiresX operated a Ponzi scheme by paying earlier investors with money obtained from later EmpiresX investors." "In addition, despite representations to the contrary, EmpiresX never registered, nor took steps to register, EmpiresX’s investment program as an offering and sale of securities with the U.S. Securities and Exchange Commission, nor did EmpiresX have a valid exemption from this registration requirement."