PGI Global CEO Sentenced to 20 Years for Massive Ponzi Scheme

The CEO of PGI Global received a 20-year prison term for orchestrating a $200 million Ponzi scheme involving bitcoin and forex investments.

The chief executive officer of PGI Global has been sentenced to two decades in prison for his role in a staggering $200 million Ponzi scheme that misled investors under the guise of bitcoin and foreign exchange trading.

Instead of fulfilling his promise to invest in cryptocurrencies and forex markets, CEO Palafox diverted funds from new investors to satisfy earlier investors. Moreover, he misappropriated millions of dollars for his own personal benefit, significantly undermining the trust of those who believed in his investment scheme.