Financial Crime Weekly: Man Charged With Operating $198 Million Crypto Ponzi Scheme
Posted On April 27, 2025
The Securities and Exchange Commission filed charges on Tuesday against Ramil Palafox, accusing him of running a fraudulent investment scheme that collected nearly $198 million from Bitcoin (CRYPTO: BTC) and foreign exchange investors and misappropriated more than $57 million for his personal benefit.
The Details: According to the SEC’s complaint, Palafox operated through his company, PGI Global, which he promoted as a cryptocurrency and foreign exchange trading business. Between January 2020 and October 2021, Palafox offered “membership” packages to investors that promised guaranteed high returns from PGI Global’s alleged trading activities.
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