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.