Summary
- The US SEC reported that Ramil Palafox, the founder of PGI Global, was indicted for $200 million fraud.
- Ramil Palafox is accused of defrauding 90,000 people by claiming to provide profits through Bitcoin and foreign exchange trading.
- The SEC explained that over $57 million of the investment funds were used for personal luxury purchases.
Ramil Palafox, the founder of PGI Global, has been indicted by the United States Securities and Exchange Commission (SEC) on charges of embezzling $200 million from investors.
According to Cointelegraph, a cryptocurrency-focused media outlet, the SEC and federal prosecutors have charged Ramil Palafox with cryptocurrency fraud.
Ramil Palafox, the founder of PGI Global, is accused of defrauding 90,000 people by promising profits through Bitcoin (BTC) and foreign exchange trading, embezzling $200 million.
In the indictment, the SEC explained, "PGI Global deceived investors by selling 'membership' packages from January 2020 to October 2021, promising high returns through cryptocurrency and foreign exchange trading. However, he used over $57 million of investor funds to purchase luxury items such as houses and cars."
Meanwhile, the Eastern District of Virginia's prosecutor's office also indicted Ramil Palafox in March for the same reason.
Uk Jin
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