Praetorian Group International CEO Sentenced to 20 Years for $200M Bitcoin Ponzi Scheme
Share:
PGI CEO Ramil Ventura Palafox sentenced to 20 years for operating a $200M Bitcoin Ponzi scheme. The fraud affected at least 90,000 investors, leading to a total loss of $62.6M. Investor funds were misused for luxury assets and personal expenditures.
Predictions Markets
See what traders are focused on
- PGI CEO sentenced to 20 years for running a $200M global Bitcoin Ponzi scheme.
- At least 90,000 investors lost $62.6M in fraudulent crypto trading claims.
- Investor funds financed luxury cars, real estate, and high-end purchases.
A federal court has sentenced Praetorian Group International (PGI) founder and Chief Executive Officer Ramil Ventura Palafox to 20 years in prison after he pleaded guilty to wire fraud and money laundering charges tied to a global Bitcoin Ponzi scheme.
Prosecutors said the operation, which ran from December 2019 through October 2021, collected more than $200 million from at least 90,000 investors worldwide by falsely claiming to generate profits through Bitcoin trading.
Palafox, 61, a dual citizen of the United States and the Philippines, served as PGI’s chairman, CEO, and primary promoter. According to court filings, he admitted in Sep…
Read The Full Article Praetorian Group International CEO Sentenced to 20 Years for $200M Bitcoin Ponzi Scheme On Coin Edition.
Read More
Bitcoin, ether little changed as U.S. launches fresh Iran strikes
