✊ The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against PGI Global head Ramil Palafox. He is accused of creating a cryptocurrency pyramid that attracted $198 million from clients under the guise of investments in an 'AI platform' for crypto and forex trading.
🔻According to the SEC:
1️⃣ In 2020–2021, PGI sold 'investment packages' with promised returns of up to 200%.
2️⃣ Palafox spent over $57 million on personal needs: houses, watches, cars.
3️⃣ The company effectively concealed the sale of unregistered securities.
📉 The platform used circular transfers and data falsification to create the illusion of successful trading. In 2022, a British court liquidated PGI Global, but investors never received compensation.
🔴 Relatives of Palafox are also involved in the case — the SEC is demanding the return of the assets obtained. The CEO himself is set to be permanently banned from participating in crypto and MLM projects.
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