Ramil Palafox Jailed 20 Years as PGI Global’s $200 Million Bitcoin Ponzi Case Hits Sentencing
Ramil Ventura Palafox, ex-CEO of Praetorian Group International, was sentenced Thursday in Virginia to 20 years for running a $200 million bitcoin Ponzi scheme. Prosecutors said investors lost at least $62.7 million after putting in over $201 million between 2019 and 2021. The SEC has filed a parallel civil case alleging $198 million in crypto and forex fraud. Palafox pleaded guilty last September.