Bitcoin Rip-off Boss Pleads Responsible in $200M Ponzi Scheme

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Ramil Ventura Palafox, the founder and head of Praetorian Group Worldwide (PGI), has pleaded responsible to wire fraud and cash laundering in a case introduced in Virginia.

In keeping with a press launch by the Division of Justice (DOJ), Palafox, who holds each American and Filipino citizenship, was chargeable for selling and operating a cryptocurrency funding scheme that misled hundreds of people.

Authorities said that PGI provided a Bitcoin BTC $115,534.87 funding program, which promoted each day earnings starting from 0.5% to three%.

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Nonetheless, the operation didn't really generate these returns via actual buying and selling. As a substitute, cash from new contributors was used to pay earlier traders.

Palafox is because of be sentenced on February 3, 2026. He may resist 40 years in jail, though precise sentences usually fall beneath the utmost. As a part of his plea, he has agreed to pay again $62.7 million.

Between late 2019 and late 2021, PGI raised at the least $201 million. That included over $30 million in common forex and greater than 8,100 Bitcoin, value about $171 million on the time.

As a substitute of getting used for buying and selling, a big portion of the funds was spent on Palafox’s private purchases. This included roughly $3 million for 20 high-end automobiles and over $6 million for luxurious properties in cities resembling Las Vegas and Los Angeles.

Greater than 90,000 individuals are believed to have invested in this system. The DOJ has estimated confirmed losses of at the least $62 million.

On September 16, the Denver District Court docket issued a ruling within the case of Eli and Kaitlyn Regalado, who had been accused of violating state monetary legal guidelines via INDXcoin. What does the ruling embrace? Learn the complete story.