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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

Global Cryptocurrency
Author:
Global Cryptocurrency
Release Time:
2025-04-23 15:46:02
0
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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