PGI CEO sentenced to 20 years for $200M Bitcoin Ponzi scheme

The CEO of Praetorian Group International (PGI), Ramil Ventura Palafox, has been sentenced to 20 years in prison for orchestrating a $200 million Bitcoin Ponzi scheme, according to the U.S. Attorney's Office for the Eastern District of Virginia. Palafox defrauded investors by promising daily returns of 0.5% to 3% from Bitcoin trading. However, his actual investments resulted in a net loss of $62.69 million, and he used the misappropriated funds to purchase homes, supercars, and luxury goods.