TechFlow, April 23 — According to Cointelegraph, on April 22, the U.S. Securities and Exchange Commission (SEC) and federal prosecutors charged Ramil Palafox, a dual citizen of the United States and the Philippines, alleging that he ran a fraud scheme through PGI Global, defrauding approximately 90,000 people of around $200 million. Authorities accused Palafox of misappropriating over $57 million in investment funds between 2020 and 2021 by promising fraudulent cryptocurrency trading expertise and an AI-powered automated trading platform, operating a "Ponzi scheme." The SEC is seeking a permanent injunction against him from trading securities and crypto assets, as well as disgorgement of ill-gotten gains.
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