Praetorian Group Revelations Closely Mirror FTX Executive-Level Failures in $200 Million Crypto Fraud
Praetorian Group founder Ramil Ventura Palafox received a 20-year sentence for running a $200 million Bitcoin Ponzi scheme mirroring FTX failures.Summary
Ramil Ventura Palafox, founder, chairman, and CEO of Praetorian Group International (PGI), was sentenced to 20 years in prison by the US DOJ after pleading guilty to wire fraud and money laundering. PGI defrauded over 90,000 investors of more than $201 million between 2019 and 2021 by promising unrealistic daily returns (0.5% to 3%) from Bitcoin arbitrage, when it was actually a classic Ponzi scheme. Palafox used investor funds for a lavish lifestyle, including luxury vehicles, penthouse accommodations, and real estate. The scheme collapsed in mid-2021 after the website went offline amid mounting withdrawal requests. Prosecutors noted significant parallels between PGI and the FTX collapse, including promising unrealistic returns, misappropriating funds for personal use, and using deceptive portals to maintain investor confidence.
(Source：BeInCrypto)