Ramil Ventura Palafox gets 20 years sentence over $200 million bitcoin Ponzi scheme

Ramil Ventura Palafox gets 20 years sentence over $200 million bitcoin Ponzi scheme

Instead of investing in bitcoin and foreign currency trading, as promised, Palafox used new investor funds to pay old ones and siphoned millions for personal use.

Bitcoin trading firm CEO gets 20 years for operating $200 million Ponzi scheme - Cybernoz - Cybersecurity News

The U.S. Department of Justice sentenced the CEO of a multi level marketing and bitcoin trading firm to 20 years in prison after a conviction for wire fraud and money laundering tied to a large scale Ponzi scheme. Court records show that Ramil Ventura Palafox, 61, owned and controlled Praetorian Group International, known as PGI, where he served as chairman, CEO, and primary promoter. He told investors the company conducted bitcoin trading and p…

PGI CEO Gets 20 Years Over $200M Crypto Investment Scheme

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. According 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 promi…

U.S. DOJ Cracks Down on Praetorian Group Bitcoin Fraud

The U.S. Department of Justice has sentenced Ramil Ventura Palafox, CEO of Praetorian Group International, to 20 years in prison. He ran a $200 million Bitcoin Ponzi scheme that targeted over 90,000 investors worldwide. The scheme promised daily returns between 0.5% and 3%, which attracted many people looking for quick profits. The U.S. DOJ said Praetorian Group International CEO Ramil Ventura Palafox was sentenced to 20 years in prison for run…