Crypto Scam Fallout: SEC Charges Ramil Palafox with $198 Million Fraud

Ramil Palafox orchestrated a sprawling $198 million Ponzi scheme under the guise of his company, PGI Global, luring investors with promises of lucrative returns from cryptocurrency and foreign exchange trading. Instead of delivering profits, Palafox diverted more than $57 million for personal extravagance—splurging on luxury cars, high-end watches, and lavish properties for himself and his family. The Securities and Exchange Commission has since intervened, dismantling one of the most audacious crypto frauds in recent memory. The case underscores the persistent risks in the largely unregulated crypto markets, where flashy promises often mask brazen theft. Palafox’s downfall serves as a stark reminder: when returns seem too good to be true, they almost always are.