Alert 🚨 🚨 SEC and Feds Charge Man Over $200M Crypto Trading Scheme🚨🚨
In a major crackdown on crypto fraud, the U.S. Securities and Exchange Commission (SEC) and federal prosecutors have charged Ramil Palafox with orchestrating a massive $200 million scam that duped over 90,000 investors. Operating under the banner of PGI Global, Palafox allegedly promised guaranteed profits through AI-powered crypto and forex trading, only to run what regulators describe as a Ponzi-like scheme.
Between January 2020 and October 2021, Palafox reportedly misappropriated more than $57 million of investor funds. Using a multilevel marketing model, he recruited participants with flashy events in places like Dubai and Las Vegas, encouraging them to bring in new investors in exchange for referral bonuses. The SEC claims that instead of actual trading, most of the money went toward luxury purchases for Palafox and his family — including high-end cars, jewelry, and real estate.
The Justice Department also filed criminal charges against Palafox, including wire fraud and money laundering. Prosecutors say he promised daily returns of 0.5% to 3% from Bitcoin trading, but in reality, little to none of the funds were actually used for trading. If convicted, Palafox stands to forfeit over $1 million in cash, 17 luxury vehicles, and an array of designer goods.
This case serves as another stark warning about the risks of unregulated crypto investments and the importance of doing due diligence before handing over money — especially when promises of high returns sound too good to be true.