Crypto Scam Fallout: SEC Charges Ramil Palafox with $198 Million Fraud

The US Securities and Exchange Commission (SEC) has charged Ramil Palafox, a dual US-Philippine national, with orchestrating a $198 million crypto scam. From January 2020 to October 2021, Palafox ran a Ponzi-style scheme through his company, PGI Global, defrauding many investors. SEC Cracks Down on Massive Crypto Scam According to the press release, the regulator claims that Palafox raised about $198 million from investors globally. He promised them substantial returns from crypto and foreign exchange trading source: https://beincrypto.com/sec-crypto-scam-charges/