The SEC has charged PGI Global CEO Ramil Palafox for running a $198 million crypto Ponzi scheme, falsely promising investors 200% returns via a fake AI trading platform. Over $57 million was misused for personal gain. PGI Global didn’t conduct real trading but operated a payout cycle to fund Palafox’s lavish lifestyle. The case is the SEC’s first crypto action under new Chair Paul Atkins. Palafox also faces criminal charges in Virginia.