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.

🤖 Quick Answer

What was the CFTC's $129 million judgment against EmpiresX?
On February 4, 2025, the U.S. Commodity Futures Trading Commission secured a $129 million judgment against EmpiresX co-founders Emerson Pires and Flavio Goncalves, and "Master Trader" Joshua Nicholas. The judgment included $32.1 million in disgorgement and a $96.5 million civil penalty against Pires and Goncalves jointly, plus separate penalties against Nicholas.

Who were the individuals held liable in the EmpiresX CFTC case?
Three individuals were held liable: co-founders Emerson Pires and Flavio Goncalves, who faced joint disgorgement and civil penalty orders, and Joshua Nicholas, also known as Joshua Greg, who served as EmpiresX's "

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