PGI CEO gets 20 years for $200M bitcoin ponzi scheme

Ramil Ventura Palafox, CEO of Praetorian Group International, has been sentenced to 20 years in prison for running a $200 million bitcoin Ponzi scheme that defrauded more than 90,000 investors worldwide.

From late 2019 to 2021, he promised daily returns of 0.5%–3% from large-scale bitcoin trading, but instead used new investor funds to pay earlier participants. Authorities said over $201 million was deposited into the platform, with investor losses of at least $62.7 million.

According to the United States Department of Justice, he spent millions on luxury cars, real estate, hotels, and designer goods, and transferred cash and BTC to a family member. Under his plea deal, victims may seek restitution through the Federal Bureau of Investigation.