A US federal judge sentenced Ramil Ventura Palafox, CEO of Praetorian Group International, to 20 years in prison for a $200 million cryptocurrency Ponzi scheme. Palafox was found guilty of wire fraud and money laundering, defrauding over 8,000 investors. Victims lost at least $62.7 million in the scheme involving false Bitcoin trading claims.

Palafox falsely promised daily returns of up to 3% from Bitcoin trading but used new investor funds to pay earlier participants. He spent millions on luxury expenses, including cars, homes, and penthouse suites. The Securities and Exchange Commission filed civil charges, alleging misrepresentation of trading activity and fund usage.

Regulators uncovered the scheme’s fraudulent activities leading to civil and criminal charges against Palafox. The DOJ seized the company’s website, and operations were shut down in the UK. Victims may be eligible for restitution and can file claims through the US Attorney’s Office website. This case highlights the need for cross-border enforcement against crypto-related fraud.

Read more at CoinTelegraph: PGI CEO Gets 20 Years Over $200M Crypto Investment Scheme