Restitution for EmpiresX Ponzi scheme investors has been mentioned by the DOJ.
Even if it’s not much, I think this is the first time restitution has been brought up about the EmpiresX fraud cases.
After filing a request on September 9 to seek alternate victim notification, the DOJ mentioned reparations.
This motion is required because there are so many victims, in this case, making it difficult to identify, locate, and provide each of them with their constitutional rights.
The scale of EmpiresX is a significant obstacle in and of itself.
Without a different method of victim notification, it would be difficult to compile a full list of all the victims in this instance due to the sheer number of them.
Through the use of videos and other content posted on social media, Defendant, their accomplices, and other promoters persuaded victims to invest in EmpiresX.
Additionally, other people in addition to the Defendants aired and posted the content that advertised EmpiresX on international online platforms.
They had several people and levels of promoters underneath them who assisted in this case’s victim fraud.
Without a different method of victim notification, it would be extremely difficult for investigators to pinpoint each victim in this case who was deceived.
Instead of speaking with each of the EmpiresX victims personally, the DOJ
a website has been developed to alert victims to a case-specific website where all necessary notices will be issued.
The government will reach out to prospective victims who are already identified and ask them to complete a victim impact statement. Furthermore, as part of the Securities Exchange Commission’s (SEC) civil investigation into EmpiresX, EmpiresX lawyers presented the SEC with an investor list that included the email addresses of thousands of other prospective victims.
I can’t comment because I haven’t visited this DOJ EmpiresX website yet.
If the DOJ’s application for alternate victim notification is approved;
There is every reason to think that the proposed victim notification service (VNS; Ozedit: victim notification service?) and notice websites will hasten the process of identifying victims and delivering reparations when funds become available.
There isn’t a deadline on this before you ask. Depending on the outcome of simultaneous civil regulatory actions brought by the SEC and CFTC, you’re probably looking at a few more years.
BehindMLM filters comment that inquires about recovering money lost to fraud as spam.
How the DOJ, SEC, and CFTC will filter through and validate victim claims is one especially intriguing facet of any EmpiresX recovery.
Additionally, it has been extremely hard to link the scam proceeds to each victim.
Once EmpiresX had investors’ money, it used a variety of its cryptocurrency wallets to launder it abroad to advertise and hide the underlying scam.
Consequently, the method has made it virtually hard to precisely identify each victim by design. Additionally, a significant portion of the servers hosting the data for these wallets is situated outside of the United States.
Even if detectives are successful in obtaining this data, it will take a lot of time and money to analyze it and find further victims.
Realistically, any final recompense that may be offered is still likely years away.
I anticipate this upcoming week will see the DOJ’s motion accepted. Investors in EmpiresX (both net winners and victims) will thereafter be notified.