TechFlow reported, according to Cointelegraph, that the U.S. Commodity Futures Trading Commission (CFTC) announced a federal court in the Southern District of Florida has imposed over $130 million in penalties on Emerson Pires and Flavio Goncalves, Brazilian founders of the cryptocurrency investment platform EmpiresX.
The court found the two illegally obtained more than $40 million from investors through false promises of high returns, diverting the funds to purchase cryptocurrencies such as Bitcoin and Ethereum, as well as for personal luxury expenses. The founders have since fled to Brazil. Regulators have recovered approximately $22.8 million in digital assets and issued permanent trading bans against the individuals involved.
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