PGI CEO sentenced to 20 years in prison for $200 million Bitcoin Ponzi scheme

The U.S. Department of Justice announced that Praetorian Group International CEO Ramil Ventura Palafox has been sentenced to 20 years in prison for operating a bitcoin Ponzi scheme that defrauded more than 90,000 investors worldwide. Palafox falsely claimed that PGI was engaged in bitcoin trading and promised daily returns of 0.5% to 3%, when in fact it was a Ponzi scheme. From December 2019 to October 2021, investors invested over $201 millions in PGI, including $30.295289 millions in fiat currency and 8,198 bitcoins valued at $171.498528 millions, resulting in losses of at least $62.692007 millions.