U.S. SEC and DOJ charge PGI Global founder in $200M crypto fraud case

The U.S. Securities and Exchange Commission (SEC) and federal prosecutors have charged Ramil Palafox, founder of crypto trading platform PGI Global, for running a $200 million Ponzi-like crypto scheme that defrauded 90,000 investors, Cointelegraph reported. Between January 2020 and October 2021, Palafox allegedly promised daily returns from Bitcoin and forex trading but misappropriated over $57 million for luxury goods and personal expenses.