TechFlow news, September 17 — According to the U.S. Department of Justice, Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has pleaded guilty to charges of wire fraud and money laundering for operating a Ponzi scheme that defrauded over 90,000 investors worldwide.
Palafox falsely claimed that PGI was engaged in Bitcoin trading and promised daily returns ranging from 0.5% to 3%. Between December 2019 and October 2021, at least 90,000 investors globally invested over $201 million into PGI, including at least $30.29 million in fiat currency and 8,198 Bitcoins (worth $171 million). Total investor losses amounted to at least $62.69 million.
Palafox used investor funds to purchase 20 luxury vehicles, four properties, and high-end consumer goods, totaling over $12 million. He also transferred at least $800,000 in cash and 100 Bitcoins to family members.
Palafox is scheduled to be sentenced on February 3, 2026, facing up to 40 years in prison, and has agreed to pay $62.69 million in restitution.
