PGI Founder Sentenced to 20 Years for $201 Million Crypto Ponzi Scheme

Ramil Ventura Palafox defrauded over 90,000 investors with false promises of high daily returns from purported Bitcoin trading.

BTC

23d ago

Summary

Ramil Ventura Palafox, founder of PGI, was sentenced to 20 years in prison by a U.S. judge for running a $201 million Ponzi scheme. The fraud impacted over 90,000 investors who were promised daily returns of 0.5% to 3% through supposed Bitcoin trading, but were actually paid with new investor funds.

Terms & Concepts

Ponzi scheme: A fraudulent investing scam generating returns for earlier investors with money taken from later investors rather than legitimate business activities.