The DOJ has mentioned reparations for EmpiresX Ponzi scam investors.
While that isn’t much, I believe it is the first time restitution has been considered in EmpiresX fraud cases.
On the tail end of a September 9th motion seeking alternate victim notification, the DOJ brought up reparations.
This motion is required due to the unusually large number of victims in this case, as well as the difficulty of reaching and identifying all of them in order to grant each victim the normal rights.
The sheer magnitude of EmpiresX is a huge impediment.
There are a huge number of victims in this case, and establishing a comprehensive list of their names would be difficult without some alternative method of victim notification.
By publishing videos and other information on social media, the Defendant, their co-conspirators, and other promoters enticed victims to invest in EmpiresX.
Furthermore, the Defendants were not the only people broadcasting and publishing promotional materials for EmpiresX on worldwide online channels.
They have several people and layers of promoters working for them who helped them swindle victims in this instance.
As a result, without an alternate method of victim notification, it would be extremely difficult for investigators to identify each victim who was deceived in this case.
Instead of contacting EmpiresX victims individually, the DOJ
has developed a website that will guide victims to a case-specific website where all necessary alerts will be issued.
The government will contact possible victims who have been identified and invite them to complete a victim impact statement. Furthermore, the Government intends to contact thousands of other possible victims using email addresses from an EmpiresX investor list submitted to the Securities and Exchange Commission (SEC) as part of the SEC’s civil investigation into EmpiresX.
I haven’t visited the DOJ EmpiresX website yet, so I can’t comment.
The DOJ contends that if its application for alternate victim notification is granted;
There is every reason to expect that the proposed VNS (Ozedit: victim notification service?) and notice websites will help to identify victims and provide reparations when finances become available.
Before you inquire, there is no timetable for this. You’re probably looking at a few years, depending on whether the SEC and CFTC pursue concurrent civil regulatory actions.
BehindMLM considers comments requesting money back from scams to be spam.
One especially intriguing component of EmpiresX’s ultimate recovery is how the DOJ, SEC, and CFTC will filter through and validate victim claims.
Furthermore, tracking the scam earnings back to each victim has been difficult.
After receiving payments from investors, EmpiresX laundered this money abroad through a network of bitcoin wallets in order to promote and hide the underlying scam.
As a result, by design, the program has made pinpointing particular victims extremely difficult. Furthermore, many of the servers hosting the data for these wallets are situated outside of the US.
Even if police are able to obtain this material, reviewing it and identifying more victims will require a significant amount of time and resources.
Realistically, whatever recompense is finally available is likely to be years away.
I anticipate that the DOJ’s motion will be approved this week. Following that, EmpiresX investors (victims and net-winners) will be notified.