According to Techub News, The Block reports that Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has been sentenced to 20 years in prison for running a $200 million Bitcoin Ponzi scheme that defrauded more than 90,000 investors worldwide.
Between December 2019 and October 2021, Palafox claimed to investors that the company engaged in high-volume Bitcoin trading, promising daily returns of 0.5% to 3%. However, the company's actual trading volume could not possibly generate such returns. More than 90,000 investors worldwide poured over $201 million into PGI during this period, including at least $30.3 million in cash and 8,198 bitcoins (valued at approximately $171.5 million at the time). Investors ultimately suffered losses of at least $62.7 million. Palafox pleaded guilty to wire fraud and money laundering charges last September. Under the plea agreement, it agreed to pay $62.7 million in restitution. The Department of Justice statement indicated that victims can apply for restitution through the FBI.
