SEC Charges PGI Global with $198 Million Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) has brought charges against PGI Global, the company led by Ramil Ventura Palafox, alleging a massive $198 million Ponzi scheme targeting international investors. The SEC alleges that Palafox misrepresented his expertise in crypto trading to lure investors into believing they would earn substantial returns through sophisticated strategies, however, the funds were instead diverted for personal luxury spending including vehicles, jewelry, and properties.