Shocking! The founder of the cryptocurrency platform PGI manipulated a massive fraud, misappropriating $57 million to buy luxury goods!

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against PGI Global founder Ramiro Parafoux, accusing him of orchestrating a massive fraud scheme involving approximately $198 million in funds, with over $57 million misappropriated for the purchase of luxury items like Lamborghinis! From 2020 to 2021, Parafoux attracted investors with false promises of high returns and used methods similar to a Ponzi scheme.

The SEC pointed out that Parafoux did not conduct any trades but used investors' money to buy luxury items for himself and his family, paying early investors with the remaining funds until the platform collapsed. The SEC has launched an in-depth investigation and is pursuing the recovery of his ill-gotten gains.

This case highlights the risks in the cryptocurrency space and serves as a reminder for investors to remain vigilant!