SEC Dismantles $198 Million Crypto Ponzi Scheme: Founder Charged

The US Securities and Exchange Commission (SEC) has brought charges against Ramil Palafox, the founder of PGI Global, for orchestrating a massive $198 million crypto Ponzi scheme that deceived investors worldwide. The SEC alleges Palafox misled investors by falsely promoting PGI Global as a legitimate crypto trading platform from 2020 to 2021. Instead of actual trading operations, he used investor funds for personal expenses like luxury items, while perpetuating a classic Ponzi scheme until it collapsed in late 2021.