U.S. Judge Sentences PGI Founder to 20 Years in Prison for Alleged $200M+ Bitcoin Ponzi Scheme

Odaily News: A U.S. judge has sentenced 61-year-old Ramil Ventura Palafox, founder of Praetorian Group International (PGI), to 20 years in prison. He was convicted for orchestrating a global Ponzi scheme through his company, defrauding over 90,000 investors and involving more than $201 million.

Palafox, a dual citizen of the United States and the Philippines, served as the Chairman and CEO of PGI and touted the company as a Bitcoin trading giant. He attracted investors by promising daily returns ranging from 0.5% to 3%. However, in reality, PGI's Bitcoin trading operations were incapable of generating such high profits. Instead, the company recycled investor funds to pay returns to earlier participants. (News.bitcoin)