The US Securities and Exchange Commission (SEC) has indicted Ramil Palafox, founder of PGI Global, on charges of cryptocurrency fraud. According to a Cointelegraph report, Palafox allegedly defrauded 20,000 investors of $200 million between January 2020 and October 2021. The SEC alleges that Palafox lured investors with promises of unrealistic profits from his cryptocurrency trading platform. Instead of using investor funds for trading, it is claimed that he misappropriated approximately $57 million to purchase personal assets, including homes and luxury vehicles. Palafox is a dual citizen of the Philippines and the United States. This indictment highlights the ongoing efforts of regulatory bodies like the SEC to combat fraud within the cryptocurrency space and protect investors from deceptive schemes. ```

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