Crypto Executive Sued Over $198M Scheme

SEC Charges PGI Global CEO for $198M Crypto Ponzi Scheme

• The SEC charged Ramil Palafox, CEO of PGI Global, with running a $198 million crypto-based Ponzi scheme.
• Over $57 million in fiat and Bitcoin were allegedly misappropriated for personal use.
• Palafox marketed unregistered securities as AI-driven trading packages promising up to 200% returns.
• The U.K. High Court shut down PGI Global UK Ltd in September 2022 for fraudulent activities.
• The SEC’s action marks its first crypto-related enforcement under new Chair Paul Atkins.

The SEC alleges that Ramil Palafox operated a fraudulent investment scheme through PGI Global, misusing over $57 million for personal gain while falsely advertising guaranteed returns via an AI-driven trading platform.