US judge sentences PGI founder to 20 years in prison for orchestrating a Bitcoin Ponzi scheme exceeding $200 million
PANews, February 15th – According to News.bitcoin, a US judge has sentenced 61-year-old Praetorian Group International (PGI) founder Ramil Ventura Palafox to 20 years in prison for orchestrating a global Ponzi scheme through his company, defrauding more than 90,000 investors with a total amount exceeding $201 millions.
Palafox, who holds dual citizenship in the United States and the Philippines, served as chairman and CEO of PGI, promoting the company as a bitcoin trading giant. Palafox promised daily returns ranging from 0.5% to 3% to attract investors. In reality, however, PGI's bitcoin trading volume was nowhere near sufficient to generate such high profits; instead, the company recycled investors' funds to pay returns to earlier participants.
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