Bitcoin Ponzi Scheme: CEO Sentenced to 20 Years in Prison
Ramil Palafox, founder of PGI, faces 20 years behind bars for orchestrating a $200 million Bitcoin Ponzi scheme that defrauded numerous investors.
A federal court has handed down a 20-year prison sentence to Ramil Palafox, the founder of PGI, due to his involvement in a Bitcoin Ponzi scheme that collected more than $200 million from unsuspecting investors between 2019 and 2021.