Crypto Fraud Case: $200 Million Scheme Leads to Charges Against Dual Citizen

Ramil Palafox, a dual citizen of the US and Philippines, is facing charges from the SEC and federal prosecutors for orchestrating a multi-million dollar cryptocurrency scheme. The scheme defrauded over 90,000 individuals out of $200 million, according to the SEC. This alleged Ponzi scheme was conducted through his company, PGI Global, between January 2020 and October 2021. Palafox allegedly lured investors with false promises of guaranteed returns from advanced crypto trading platforms.