The US Securities and Exchange Commission (SEC) charged Ramil Palafox, the founder of the crypto company PGI Global, with orchestrating a massive $198 million Ponzi scheme that misled investors worldwide.
Palafox is accused of defrauding investors by promoting PGI Global as a legitimate crypto asset and foreign exchange trading business from January 2020 through October 2021.
$198M Ponzi Scheme Exposed
The SEC’s complaint detailed that Palafox sold “membership” packages that promised high returns from PGI Global’s supposed trading operations, while also offering multi-level marketing-style referral incentives to encourage new investors.
In reality, Palafox misappropriated over $57 million of the investor funds for personal expenses, including luxury items such as Lamborghinis. The majority of the remaining funds were used to pay returns to earlier investors in a classic Ponzi scheme until it collapsed in late 2021.
Scott Thompson, Associate Director of the SEC’s Philadelphia
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