CEO who bought Ferrari, Versace, luxury homes pleads guilty to $200M Bitcoin scam
Yahoo Finance·2025-09-20 13:30
Ramil Palafox, the chief executive officer of a Bitcoin trading and multi-level marketing firm, pled guilty to wire fraud and money laundering on Sep. 16, the U.S. Justice Department said in a statement. Palafox is 60 years old and is a dual citizen of the U.S. and the Philippines. He owned and operated Praetorian Group International (PGI) where he also served as chairman, CEO, and chief promoter. At PGI, he operated a Ponzi scheme that defrauded more than 90,000 investors. Related: What is Crypto? Crypto ...