Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has pleaded guilty to charges of manipulating a $200 million bitcoin Ponzi scheme, including wire fraud and money laundering.
According to court documents, Palafox attracted more than 90,000 investors around the world by falsely advertising bitcoin trading gains, totaling more than $201 million (including at least 8,198 BTC), ultimately resulting in cumulative losses of at least $62.69 million for investors. Palafox will be sentenced on February 3, 2026, and faces a maximum of 40 years in prison.
Praetorian Group International CEO admits to bitcoin Ponzi scheme
2025-09-18 00:17:13
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