SEC Files Charges Against Ramil Palafox; $198M Crypto Ponzi Scheme Alleged

The Securities and Exchange Commission (SEC) has filed charges against Ramil Palafox, founder of PGI Global, alleging a massive $198 million crypto Ponzi scheme that spanned both the US and Philippines. The SEC accuses Palafox of misleading investors with promises of high returns while actually diverting their funds into personal luxury purchases for himself and his family. 57 million dollars were allegedly siphoned off for such purposes. While the SEC is working to recover funds from asset seizures, the case has sparked scrutiny on cryptocurrency schemes and investor protection measures.