Bitcoin trading firm CEO sentenced to 20 years over $200 million ponzi scheme

Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), was sentenced to 20 years in prison for operating a $200 million Bitcoin Ponzi scheme that defrauded over 90,000 global investors between December 2019 and October 2021. Palafox pleaded guilty to wire fraud and money laundering charges after falsely promising investors daily returns of 0.5% to 3% through high-volume trading, when in reality he used new investor funds to pay earlier participants. Investors deposited over $201 million, resulting in losses of at least $62.7 million. Palafox also used investor money for personal luxuries, including high-end vehicles, luxury hotels, and real estate. As part of his plea, he agreed to pay $62.7 million in restitution to the victims.

(Source：The Block)