EmpiresX $40 million Scam скачать в хорошем качестве

EmpiresX $40 million Scam

EmpiresX and its executives have been sued by the SEC for $40 million in securities fraud. Defendants lured investors with claims of “exponential” profits, expected investment returns of 1% per day, and the prospect of making millions of dollars “in a matter of months.” Defendants told investors that EmpiresX would generate these outsized returns either through a proprietary trading “bot” or by manual trading performed by Defendant Nicholas. But these statements were lies. In reality, the bot was fake, Defendants traded only a fraction of the funds they took from investors, and that limited trading failed to earn anywhere near the expected returns Defendants touted to investors. Like every MLM Ponzi scheme, EmpiresX’s founders were the primary beneficiaries of the scam. Defendants misappropriated large sums of investors’ money for personal uses such as luxury cars, real estate, and travel. Pires diverted investor funds for personal expenditures including the following: $300,000 in travel expenses, $250,000 in home renovations, $125,000 for a down payment on another home, $70,000 for the lease down payment for a Lamborghini Urus, $47,000 in apparel, $33,000 in meals and groceries, $19,000 in mortgage payments, and $15,000 in home décor. Pires also paid nearly $358,000 to another company he manages, and transferred over $250,000 to himself, relatives, and associates. Goncalves received at least $421,000 of investor funds, and his relatives received at least an additional $99,000. Goncalves used the investor money for personal uses including the following: $69,000 at luxury hotels, $43,285 in lease payments for a Ferrari 488 GTB, $7,000 to Jaguar Land Rover, $3,000 to Tiffany & Co., and on other personal expenditures, including grocery shopping and a gym membership. In less than one year, between May 2021 and April 2022, Nicholas received at least $289,000 of investor funds, which he likewise spent on personal uses. For both the Exbot and private investors, Defendants used EmpiresX’s back office to materially and knowingly misrepresent the investors’ account balances. Those online accounts purportedly showed investors their daily profits and commissions earned, which led investors to believe they were making money from their investments and recruitment of other investors. Such representations led investors to reinvest their “profits,” thereby delaying the time when EmpiresX would have to pay investors their proceeds. Various investors also invested fresh funds or recruited new investors based on the profits they believed were generated by their original investments. In fact, the investor account balances were fictional and EmpiresX stopped honoring investor withdrawal requests after November 2021. The SEC’s lawsuit levels seven counts of securities fraud against the EmpiresX defendants. The regulator also seeks a permanent injunction, disgorgement of ill-gotten gains and a civil penalty. The CFTC has simultaneously filed its own civil lawsuit against EmpiresX, Pires, Goncalves and David. The Commodity Futures Trading Commission has sued EmpiresX and its executives for “at least $41.6 million” in fraud. The CFTC’s lawsuit was filed in parallel with an SEC civil fraud lawsuit pertaining to the same conduct. Named defendants in the CFTC’s lawsuit are Empires Consulting Corp, Emerson Pires, Flavio Goncalves and Joshua Nicholas. Just $1 million of the “at least” $41.6 million invested into EmpiresX was used for trading… and completely lost. Between them, Pires, Goncalves and Nicholas misappropriated at least $5 million in participant funds for improper, non-investment purposes, including luxury travel, dining, car leases, shopping, and cash withdrawals. Learn how to spot the signs of a scam or scheme. Recruiting people into scams is fraud. It’s just as illegal as running the scams. You run the risk of having civil regulatory action filed against you. As well as clawback litigation to recover what you’ve stolen. *DISCLAIMER* The contents of this video is based on my research, experience and opinions. It is intended entertainment purposes. Please, do your own research. ***Copyright/Fair Use Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. *_*_*_*_* Support us here To Donate to the Channel ⬇️ 🅿️Paypal: https://paypal.me/zztraffic 💲Cashapp: https://cash.app/$PcKingg Check out our Scam Chan ringtone https://trimurl.co/QlnBsI Grab your $30 today! Signup https://merc.li/wUgrq9b