PGI Global, formally Praetorian Group International, was a cryptocurrency Ponzi scheme founded and operated by Ramil Ventura Palafox, a 60-year-old dual citizen of the United States and the Philippines. Operating from December 2019 through October 2021, Palafox served as chairman, CEO, and chief promoter, promising investors daily returns of up to 3% through high-volume Bitcoin trading.
Over 90,000 investors deposited more than $201 million into PGI, including approximately $30.3 million in cash and 8,198 BTC worth $171.5 million. However, PGI's actual trading activity lacked the scale to generate the promised returns. Instead, Palafox used new investor funds to pay earlier investors while diverting $57 million for personal luxury purchases including Lamborghinis, Porsches, Bentleys, real estate, and designer goods from Gucci, Cartier, Rolex, and Hermes.
Palafox pleaded guilty to wire fraud and money laundering and was sentenced to 20 years in federal prison with 240 months incarceration followed by three years of supervised release. He was ordered to pay $63 million in restitution. The SEC also filed separate civil fraud charges. PGI Global defrauded investors across multiple countries, with total losses of at least $62.7 million.
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