Crypto Platform “Head Trader” Pleads Guilty in $100 Million Ponzi Scheme 

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Crypto Platform “Head Trader” Pleads Guilty in $100 Million Ponzi Scheme 

The head trader of EmpiresX, a global cryptocurrency platform headquartered in Florida, pleaded guilty on September 8 in an alleged investment fraud that raised around $100 million for the company, according to the U.S. Justice Department. Joshua David Nicholas, 28, admitted to the securities fraud in which he and others at EmpiresX falsely claimed their business’ trading bot, which utilized artificial and human intelligence, mitigated risk and increased the chances of profitability on an investment.

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The Golden Era of Fraud Investigations Is Upon Us — But It Relies on Better Financial eDiscovery

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The Golden Era of Fraud Investigations Is Upon Us — But It Relies on Better Financial eDiscovery

Recent reports show that PPP loan fraud soared in the last two years, putting billions of taxpayer dollars in the pockets of fraudsters and criminals. The Justice Department now faces an unprecedented number of cases to investigate and experts suggest it will be difficult, if not impossible, to build cases and convict all of those responsible. The merits of speeding aid versus having required additional guardrails can be debated endlessly but regardless, one thing stands out about these fraud cases: it’s challenging to “follow the money,” and the burden on teams having to investigate is exceptionally high.

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After Madoff, There’s Still One Major Ponzi Scheme Causing Investors Misery

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After Madoff, There’s Still One Major Ponzi Scheme Causing Investors Misery

The Allen Stanford Ponzi scheme is notorious for many reasons. Stanford’s $7 billion scam, affecting upward of 18,000 victims, was the second largest Ponzi scheme in history, eclipsed only by the huge fraud run by the late Bernie Madoff, who defrauded thousands of investors out of $17.5 billion.

The formerly bankrupt Stanford is currently serving a 110-year sentence in the Coleman II Supermax federal prison in Florida, after living a life of luxury in the Caribbean for two decades off the proceeds of his crime.

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From the Ashes of One of the Biggest Scams Ever Rises…Another Scam

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From the Ashes of One of the Biggest Scams Ever Rises…Another Scam

If you were involved in promoting a multibillion dollar, international, cryptocurrency-based, multilevel marketing Ponzi scheme, what would you do for an encore? If you guessed “rinse and repeat,” you’d be accurately describing the decision-making of one Le Quoc-Hung, also known as Simon Le.

As the infamous OneCoin scheme’s aftermath left the sibling founders of the “cryptocurrency” facing a $4 billion class-action suit from its victims, Le pivoted from still promoting a multilevel marketing company already exposed as a scam, to launching a new version of the scheme under a new name: OneLink.

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These Business Names Made Big Promises but Actually Indicated Fraud

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These Business Names Made Big Promises but Actually Indicated Fraud

When deciding on a business name, it is best to choose one that is unique, grabs attention and conveys meaning. The following fraudsters did not take that advice to heart when they named the businesses they owned. They each chose business names that allude to riches, steady cash flow and smart money management. In reality, the fraudsters used these companies to orchestrate a variety of fraud schemes. While these company names might sound enticing, before investing in anything, it’s always wise to dig beneath the surface to make sure you understand the true intent and nature of an entity’s operational purposes.

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