BlockBeats News, February 13, the U.S. Department of Justice officially issued a landmark case, sentencing the CEO of Praetorian Group International to 20 years in prison for a $200 million Bitcoin Ponzi scheme. He was convicted of wire fraud and money laundering for operating the Ponzi scheme, which defrauded over 90,000 investors worldwide.
61-year-old Ramil Ventura Palafox, a dual citizen of the U.S. and the Philippines, operated Praetorian Group International (PGI) as Chairman and CEO. Palafox falsely claimed that PGI was engaged in Bitcoin trading, promising daily returns of 0.5% to 3%. However, PGI’s Bitcoin trading volume was nowhere near sufficient to achieve the promised returns, making it an actual Ponzi scheme.
From December 2019 to October 2021, at least 90,000 investors globally invested over $201 million in PGI, including at least $30.295289 million in fiat currency and at least 8,198 Bitcoins worth $171.498528 million. Due to Palafox’s actions, investors suffered total losses of at least $62.692007 million.
