The U.S. Securities and Exchange Commission (SEC) has uncovered a major crypto fraud scheme, accusing Ramil Palafox, the founder of PGI Global, of scamming investors out of over $198 million. Palafox allegedly ran his company as a purportedly legitimate crypto and forex trading platform, falsely promising significant returns to lure in numerous investors. 💰 He used these funds for his own lavish lifestyle, including luxury vehicles, designer goods, and personal expenses. 💸 In the process, he even diverted money intended for investor rewards to fund his scheme. The SEC claims this was a classic Ponzi scheme, where funds from new investors were utilized to pay earlier investors, creating a false illusion of profitability until it ultimately collapsed in 2021.