PGI Global Founder Hit With Fraud Charges in Alleged $200M Crypto Ponzi Scheme

Quick Summary:

According to the SEC, Ramil Palafox misappropriated more than $57 million in customer funds, using it to buy Lamborghinis and luxury products.

In Palafox’s case, the SEC is aiming to get investors’ money back, plus interest and civil penalties, as well as get injunctive relief that would prevent him from similar crimes in the future.

Approximately 90,000 investors around the world purchased membership packages with either bitcoin or fiat currency that promised hefty returns on their investments — up to 3% daily and a 200% total return.

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Article Details

Author / Journalist: Cheyenne Ligon

Category: Crypto

Markets: United StatesCubaPhilippines

Topics: Crime DOJ News Policy SEC

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-23 @ 19:30:27 (11 hours ago)

News Timezone: GMT -5:00

News Source URL: coindesk.com

Language: English

Article Length: 491 words

Reading Time: 3 minutes read

Sentences: 30 lines

Sentence Length: 17 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinDesk

News ID: 28177642

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