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Bitcoin Ponzi Scheme PGI CEO Sentenced to 20 Years in Prison
Techub News reports that Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has been sentenced to 20 years in prison for orchestrating a $200 million Bitcoin Ponzi scheme that defrauded over 90,000 investors worldwide.
From December 2019 to October 2021, Palafox claimed that the company engaged in high-volume Bitcoin trading, promising daily returns of 0.5% to 3%. However, the company’s actual trading volume was insufficient to generate such returns. During this period, over 90,000 investors worldwide invested more than $201 million in PGI, including at least $30.3 million in cash and 8,198 Bitcoins (valued at approximately $171.5 million at the time). Investors ultimately suffered losses of at least $62.7 million. Palafox pleaded guilty last September to wire fraud and money laundering charges. Under the plea agreement, he agreed to pay $62.7 million in restitution. The Department of Justice stated that victims can apply for compensation through the Federal Bureau of Investigation.