BlockBeats News, February 13 — The U.S. Department of Justice officially released a landmark case, sentencing Ramil Ventura Palafox, CEO of Praetorian Group International, to 20 years in prison for operating a $200 million Bitcoin Ponzi scheme that defrauded over 90,000 investors worldwide. He was convicted of wire fraud and money laundering.
The 61-year-old Palafox, who holds dual citizenship in the United States and the Philippines, operates Praetorian Group International (PGI) and serves as Chairman and CEO. Palafox falsely claimed that PGI engaged in Bitcoin trading and promised daily returns of 0.5% to 3%. However, PGI’s Bitcoin trading volume was insufficient to support the promised returns, revealing it to be a Ponzi scheme.
From December 2019 to October 2021, at least 90,000 investors worldwide invested over $201 million in PGI, including at least $30,295,289 in fiat currency and at least 8,198 Bitcoin valued at approximately $171,498,528. Due to Palafox’s actions, investors suffered total losses of at least $62,692,007.
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