Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Policy
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
PGI Global CEO handed 20-year sentence for $2
Policy
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
PGI Global CEO handed 20-year sentence for $2
PGI Global CEO handed 20-year sentence for $200 million bitcoin, forex Ponzi scheme
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
PGI Global CEO handed 20-year sentence for $200 million bitcoin, forex 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.
By Francisco Rodrigues, AI Boost|Edited by Sheldon Reback
Feb 13, 2026, 10:59 a.m.
Make us preferred on Google
(Tingey Injury Law Firm/Unsplash/Modified by CoinDesk)
What to know:
- Ramil Ventura Palafox, founder of Praetorian Group International, ran a Ponzi scheme that misled over 90,000 investors and drained over $62.7 million.
- Instead of investing in bitcoin and forex trading as promised, Palafox used new investor funds to pay old ones and siphoned millions for personal use.
- Palafox spent millions on luxury cars, homes and designer items, while fabricating investment returns on an online portal.
The CEO of Praetorian Group International (PGI) was sentenced to 20 years in prison in the U.S. for running a global Ponzi scheme that falsely claimed to invest in bitcoin and foreign exchange trading.
Ramil Ventura Palafox, 61, promised daily returns of up to 3%, misleading more than 90,000 investors and draining over $62.7 million in funds, according to a Thursday statement from the U.S. Attorney's Office for the Eastern District of Virginia.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters
Sign me up
PGI collected more than $201 million from investors between late 2019 and 2021, including over 8,000 bitcoin BTC$66,959.03, according to court records. Instead of investing the money, prosecutors said Palafox used new investor funds to pay old ones while siphoning millions for himself.
To keep the illusion going, Palafox built an online portal where investors could track their supposed profits, with numbers that were entirely fabricated.
In reality, Palafox was buying Lamborghinis, luxury homes in Las Vegas and Los Angeles and penthouse suites at high-end hotels. Prosecutors say he spent $3 million on luxury cars and another $3 million on designer clothing, watches, and jewelry.
The case was investigated by the FBI and IRS. Victims may be eligible for restitution. The SEC is pursuing civil penalties, and Palafox remains banned from handling securities.
Ponzi schemeDepartment of JusticeCrime
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Accelerating Convergence Between Traditional and On-Chain Finance in 2026?
Read full story
More For You
Crypto execs Armstrong, Garlinghouse among many named to U.S. CFTC advisory group
The Commodity Futures Trading Commission's new chief, Mike Selig, repurposed the agency's previous CEO innovation council, almost tripling its members.
What to know:
- The U.S. Commodity Futures Trading Commission has set its inaugural list for the Innovation Advisory Committee, including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.
- The group will have a role in steering future regulations as the U.S. derivatives watchdog takes on oversight duties in the crypto markets.
Read full story
Latest Crypto News
Bitcoin’s long-term rally is ‘broken’ until it reclaims $85,000, Deribit executive says
Wall Street analysts cut Coinbase price targets following Q4 earnings miss
Recapping Consensus Hong Kong
Crypto execs Armstrong, Garlinghouse among many named to U.S. CFTC advisory group
Coinbase misses Q4 estimates as transaction revenue falls below $1 billion
Bitcoin tumbles back near last week's lows as AI fears crush tech and precious metals plunge
Top Stories
Key Senate Democrat wants U.S. crypto bill to move, and SEC chief reveals danger of defeat
Ark Invest's Cathie Wood says bitcoin will thrive amid ‘deflationary chaos’ created by AI and innovation
Crypto PAC Fairshake seeks to force resistant Texas Democrat Al Green from U.S. House
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
X Introduces Paid Partnership Labels to Boost Transparency in Crypto Advertising
X’s updated ad policy introduces mandatory “paid partnership” labels for crypto and financial advertisements. The move has drawn mixed reactions, highlighting both
Share
Coinstats2026/03/02 20:52
XRP Price Prediction for March 2026: Could XRP Drop Below $1?
The post XRP Price Prediction for March 2026: Could XRP Drop Below $1? appeared first on Coinpedia Fintech News XRP price continues to trade under sustained pressure
Share
CoinPedia2026/03/02 21:27
YOMIRGO and Moledao Join Forces to Empower Web3 AI Developers
YOMIRGO, a well-known Web3 AI infrastructure platform, has entered into a strategic collaboration with Moledao, a community-driven ecosystem focused on developers
Share
CoinTrust2026/03/02 21:37