SEC charges crypto exec over alleged $198 million fraud scheme involving Lamborghini purchases and 'Ponzi-like' payouts

SEC charges crypto exec over alleged $198 million fraud scheme involving Lamborghini purchases and 'Ponzi-like' payouts

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 …

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.

Bitcoin Kingpin Or Con Artist? SEC Charges Crypto, Forex Firm Owner Over $200M Fraud

Federal prosecutors and regulators have charged a man they claim operated a massive cryptocurrency fraud scheme that swindled $200 million from 90,000 investors. Ramil Palafox, a dual US and Philippines citizen, allegedly stole more than $57 million from January 2020 through October 2021 through his firm PGI Global, according to charges filed April 22. How The Scheme Worked The Securities and Exchange Commission alleges Palafox recruited investo…

SEC cracks down on new $198M crypto fraud as it drops case against Hex’s Richard Heart

The US Securities and Exchange Commission (SEC) has filed fresh charges against a crypto scam operator, even as it closed one of its most controversial cases. This marks the SEC’s first major enforcement update under the newly appointed SEC Chair Paul Atkins.  The juxtaposition of cases, aggressive prosecution in one and total dismissal in another,…

SEC Charges PGI Global Founder Over $200M Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) has charged Ramil Palafox, 59, founder of PGI Global, in a crypto Ponzi-like scheme that defrauded investors out of nearly $200 million. The now-defunct investment company, based in Las Vegas, targeted approximately 90,000 global investors between January 2020 and October 2021 with promises of daily returns up to 3% and a 200% total return on crypto and forex investments. Instead of investing the…