{"id":23338,"date":"2025-04-23T15:58:01","date_gmt":"2025-04-23T12:58:01","guid":{"rendered":"https:\/\/forklog.com\/en\/sec-accuses-pgi-global-ceo-of-198-million-cryptocurrency-fraud\/"},"modified":"2025-04-23T15:58:01","modified_gmt":"2025-04-23T12:58:01","slug":"sec-accuses-pgi-global-ceo-of-198-million-cryptocurrency-fraud","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sec-accuses-pgi-global-ceo-of-198-million-cryptocurrency-fraud\/","title":{"rendered":"SEC Accuses PGI Global CEO of $198 Million Cryptocurrency Fraud"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2025-69\">has filed a lawsuit<\/a> against PGI Global CEO Ramil Palafox, accusing him of orchestrating a cryptocurrency pyramid scheme that amassed $198 million from clients.<\/p>\n<p>According to the regulator, from January 2020 to October 2021, the company sold &#8220;membership packages&#8221; promising returns of up to 200%. These products were marketed as investments in an AI-based crypto and forex trading platform but were essentially a front for selling unregistered securities.<\/p>\n<p>The SEC noted that Palafox used over $57 million of the funds for personal expenses, including purchasing cars, watches, and homes for himself and his relatives.<\/p>\n<p>The regulator accused Palafox of engaging in sham activities: using circular transfers and data manipulation to mislead investors by showcasing the platform&#8217;s fictitious success.<\/p>\n<p>PGI Global was liquidated in 2022 by a UK court order for operating a fraudulent financial scheme. However, investors have yet to be compensated for their losses.<\/p>\n<p>Close relatives of Palafox are named in the case. The SEC seeks to compel them to return the assets they received.<\/p>\n<p>The Commission aims to secure a complete ban on Palafox&#8217;s participation in projects related to cryptocurrencies or multi-level marketing.<\/p>\n<p>In April, the organizer of the Brazilian cryptocurrency Ponzi scheme Braiscompany, Joel Ferreira de Souza, <a href=\"https:\/\/forklog.com\/en\/news\/brazilian-crypto-pyramid-scheme-leader-sentenced-to-128-years-in-prison\">was sentenced<\/a> to 128 years in prison.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against PGI Global CEO Ramil Palafox, accusing him of orchestrating a cryptocurrency pyramid scheme that amassed $198 million from clients. According to the regulator, from January 2020 to October 2021, the company sold &#8220;membership packages&#8221; promising returns of up to 200%. These products were [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1163,128],"class_list":["post-23338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-ponzi-schemes","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"154","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23338"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23337"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}