The former CEO of Praetorian Group International (PGI), Ramil Ventura Palafox, has been sentenced to 20 years in prison for running a massive $62.7 million bitcoin and forex Ponzi scheme that misled over 90,000 investors. Palafox promised daily returns of up to 3% but instead used new investor funds to pay old ones, siphoning millions for personal use. He spent lavishly on luxury cars, homes, and designer items while fabricating investment returns. The case was investigated by the FBI and IRS, and victims may be eligible for restitution. Palafox remains banned from handling securities and faces civil penalties from the SEC.
Source: https://www.coindesk.com/policy/2026/02/13/pgi-global-ceo-gets-20-years-sentence-over-usd200-million-bitcoin-ponzi-scheme