Techub News reports that Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has been sentenced to 20 years in prison for orchestrating a $200 million Bitcoin Ponzi scheme that defrauded over 90,000 investors worldwide.
From December 2019 to October 2021, Palafox claimed that the company engaged in high-volume Bitcoin trading, promising daily returns of 0.5% to 3%. However, the company’s actual trading volume was insufficient to generate such returns. During this period, over 90,000 investors worldwide invested more than $201 million in PGI, 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 last September to wire fraud and money laundering charges. Under the plea agreement, he agreed to pay $62.7 million in restitution. The Department of Justice stated that victims can apply for compensation through the Federal Bureau of Investigation.
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