The founder and CEO of Praetorian Group International (PGI), Ramil Ventura Palafox, has been sentenced to 20 years in federal prison. This comes after he ran a huge $200 million+ Ponzi scheme using Bitcoin and forex trading promises to fool people.
Palafox, 61 years old and a dual US-Philippines citizen, started PGI around late 2019. It ran until it collapsed in October 2021. The company acted like a multi-level marketing setup and promised crazy high returns, up to 3% per day, from supposed Bitcoin trades and foreign exchange deals.
Background Of The Scheme
They showed investors fake profit dashboards that looked like money was growing fast. But it was all fake. No real trading happened. Instead, new investor money paid “returns” to earlier ones, classic Ponzi style. In total, PGI collected over $201 million from more than 90,000 victims around the world. This included at least 8,198 Bitcoin (worth about $171 million at the time) plus regular cash.
Palafox kept a big chunk for himself; over $62.7 million in losses came from funds he took or misused. He spent it on a luxurious life: Lamborghinis, expensive homes in Las Vegas and Los Angeles, high-end hotel penthouses, designer clothes, watches, and jewelry.
Court Case Outcome
The case was investigated by the FBI and IRS Criminal Investigation. Palafox pleaded guilty in September 2025 to wire fraud and money laundering. He was sentenced on February 12, 2026, in the US District Court for the Eastern District of Virginia (Alexandria division).
As part of the deal, he must pay $62,692,007 in restitution to victims. The SEC also sued him civilly in 2025 for breaking securities laws; he’s banned from things like multi-level marketing with securities or crypto offers, and faces more penalties.
This is a strong reminder from authorities: schemes promising huge daily returns in crypto are almost always scams. Real investments don’t guarantee that kind of profit. Many people lost big here, showing why it’s key to check projects carefully, avoid “too good to be true” promises, and only risk what you can lose.
Crypto regulators and law enforcement are stepping up to catch these fraudsters and protect users. Stay smart and safe in the space.
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