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On Tuesday, the U.S. Securities and Exchange Commission formally charged PGI Global CEO Ramil Palafox for allegedly running a $198 million crypto-based Ponzi scheme five years ago, accusing him of duping investors with false promises of AI-driven trading and guaranteed returns.
More than $57 million of those funds in fiat and Bitcoin were misappropriated for Palafox’s personal use and to benefit his close associates, the SEC alleged in a statement.
The case against Palafox, filed in the U.S. Di...
