US EditionSEC charges crypto exec over alleged $198 million fraud scheme involving Lamborghini purchases and 'Ponzi-like' payouts
22 Articles
22 Articles
SEC issues fresh warning against Ponzi schemes, urges Nigerians to report illegal crypto investment platforms
The Securities and Exchange Commission (SEC) has issued a fresh warning to the Nigerian investing public, urging vigilance against fraudulent investment schemes, including Ponzi operations and unregistered digital asset platforms. The post SEC issues fresh warning against Ponzi schemes, urges Nigerians to report illegal crypto investment platforms appeared first on Nairametrics.
SEC Charges PGI Global Founder in $198M Crypto Fraud Case
The scam allegedly siphoned more than $57 million into personal luxury purchases, including Lamborghinis, watches, and homes. According to the SEC’s complaint filed in U.S. District Court for the Eastern District of Virginia, PGI Global promoted itself as a crypto and forex trading platform, offering high returns and multi-level marketing incentives to lure global investors. From January 2020 to October 2021, Palafox allegedly used new investor …
Through a scam with pyramidal features, Ramil Palafox raised about $200 million through a company called PGI Global, which sold investment packages and offered a 3% daily return on investment. *** A pyramidal scheme disguised as investing in cryptocurrencies left thousands with nothing. The founder spent more than $57 million on luxury goods, according to the SEC. The Department of Justice seeks up to 11 years in prison for the defendant. Ramil …
CoinStats - SEC Charges PGI Global Over $200 Million Cryp...
SEC enforcement has targeted PGI Global and founder Ramil Palafox after investors have lost $198 million in a membership scheme that has touted AI-driven crypto and FX trades, has misused $57 million for luxury items, and has channelled remaining funds to a Ponzi-like payout structure since 2020.
Authorities in Turkey seize FTX assets as part of their ongoing investigation - CoinCodeCap
Key Takeaways: Authorities in Turkey are attempting to recoup “suspicious assets” connected to the defunct FTX cryptocurrency exchange. The founder of the defunct cryptocurrency exchange, Sam Bankman-Fried, is reportedly also under investigation, according to the nation’s Financial Crimes Investigation Board MASAK. Sam Bankman-Fried and other partners’ assets have been seized by Turkish authorities as part of an investigation into the breakdow…
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