PGI CEO Sentenced to 20 Years in Prison for $200 Million Bitcoin Ponzi Scheme

Odaily News Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has been sentenced to 20 years in prison for operating a Ponzi scheme, with charges including wire fraud and money laundering. The scheme defrauded over 90,000 investors worldwide, resulting in total losses of at least $62.692 million.

Court documents reveal that between December 2019 and October 2021, PGI raised over $201 million from investors under the guise of Bitcoin trading, promising daily returns of 0.5% to 3%. The funds included at least $30.295 million in fiat currency and 8,198 Bitcoins (valued at $171 million at the time). Palafox used millions of dollars of investor funds to purchase luxury cars, real estate, and high-end goods.