According to a Foresight News report, the U.S. Attorney's Office for the Eastern District of Virginia has sentenced Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), to 20 years in prison for running a $200 million Bitcoin Ponzi scheme. Palafox falsely claimed that PGI was involved in Bitcoin trading and promised daily returns of 0.5% to 3%, while actually using funds from new investors to pay out returns. Between December 2019 and October 2021, over 90,000 investors worldwide poured over $201 million into the scheme (including $30.295 million in cash and 8,198 bitcoins), resulting in a total loss of over $62.69 million for investors. Furthermore, Palafox used over $12 million of the funds to purchase luxury goods, cars, and real estate.
According to a previous report by Foresight News , Ramil Ventura Palafox pleaded guilty to wire fraud and money laundering in September 2025, at which time the court anticipated he could face up to 40 years in prison.
