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A federal judge sentenced PGI founder Ramil Palafox to 20 years in prison for running a Bitcoin Ponzi scheme that raised over $200 million from customers between 2019 and 2021.<\/p>\n
A US federal judge in Virginia sentenced the chief executive of Praetorian Group International to 20 years in prison for running a $200 million cryptocurrency investment scheme that defrauded tens of thousands of investors.<\/p>\n
According<\/a> to the Department of Justice, 61-year-old Ramil Ventura Palafox, a dual US and Philippine citizen, was convicted of wire fraud and money laundering for what prosecutors described as a Ponzi scheme that falsely promised daily returns of up to 3% from Bitcoin trading.\u00a0<\/p>\n The US Attorney\u2019s Office for the Eastern District of Virginia said investors poured over $201 million into PGI between December 2019 and October 2021, including at least 8,198 Bitcoin (BTC) valued at about $171.5 million at the time. According to prosecutors, victims suffered losses of at least $62.7 million.\u00a0<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n