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BTCC / BTCC Square / Global Cryptocurrency /
SEC Charges PGI Global Founder Over $198M Crypto Ponzi Scheme

SEC Charges PGI Global Founder Over $198M Crypto Ponzi Scheme

Author:
Global Cryptocurrency
Published:
2025-04-23 15:46:02
18
2
The SEC has charged Palafox, the founder of PGI Global, with running a $198 million crypto Ponzi scheme. From January 2020 to October 2021, Palafox claimed PGI Global was a crypto and forex trading firm, promising investors guaranteed high returns. However, it was discovered that the investment was a Ponzi scheme, with funds used to pay off other investors and for Palafox’s personal luxuries. The scheme collapsed in late 2021. The chief of the Cyber and Emerging Technologies Unit, Laura D’Allaird, stated that Palafox deceived investors with false claims of crypto industry expertise and an AI-powered auto-trading platform.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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