PGI Global Founder Hit With Fraud Charges in Alleged $200M Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) charged the founder of now-defunct crypto and foreign exchange investment company PGI Global, with violating federal securities laws, alleging he ran a “Ponzi-like scheme” that defrauded investors of nearly $200 million — and spent $57 million of customer money on Lamborghinis, real estate and luxury goods.Ramil Palafox, 59, of Las Vegas, Nevada, also faces parallel criminal charges tied to his role at PGI Global source: https://www.coindesk.com/policy/2025/04/23/pgi-global-founder-hit-with-fraud-charges-in-alleged-200m-crypto-ponzi-scheme