Ramil Palafox, CEO of a Bitcoin trading firm, pleaded guilty to wire fraud and money laundering. He operated a Ponzi scheme defrauding over 90,000 investors. At least $201 million was invested, resulting in $62.6 million in losses. Palafox spent millions on luxury vehicles, homes, and shopping. He faces up to 40 years in prison and must pay $62.6 million in restitution.

Read more at Yahoo Finance: CEO who bought Ferrari, Versace, luxury homes pleads guilty to $200M Bitcoin scam