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SEC Charges Founder of PGI Global with $198 Million Crypto Ponzi Scheme
SEC Charges Founder of PGI Global with $198 Million Crypto Ponzi Scheme
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Ramil Palafox, the founder of crypto company PGI Global, has been charged by the US Securities and Exchange Commission (SEC) with orchestrating a $198 million Ponzi scheme. From January 2020 to October 2021, Palafox misled investors worldwide by promoting PGI Global as a legitimate crypto asset and foreign exchange trading business. He sold ’membership’ packages promising high returns and offered multi-level marketing incentives. However, he misappropriated over $57 million of investor funds for personal expenses, including luxury items like Lamborghinis. The majority of the remaining funds were also used improperly.
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