rewrite this content using a minimum of 1000 words and keep HTML tags
Ramil Ventura Palafox, the founder and head of Praetorian Group International (PGI), has pleaded guilty to wire fraud and money laundering in a case brought in Virginia.
According to a press release by the Department of Justice (DOJ), Palafox, who holds both American and Filipino citizenship, was responsible for promoting and running a cryptocurrency investment scheme that misled thousands of individuals.
Authorities stated that PGI offered a Bitcoin
$115,725.67
investment program, which promoted daily earnings ranging from 0.5% to 3%.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is an NFT? (Explained with Animations)
However, the operation did not actually generate these returns through real trading. Instead, money from new participants was used to pay earlier investors.
Palafox is due to be sentenced on February 3, 2026. He could face up to 40 years in prison, although actual sentences often fall below the maximum. As part of his plea, he has agreed to pay back $62.7 million.
Between late 2019 and late 2021, PGI raised at least $201 million. That included over $30 million in regular currency and more than 8,100 Bitcoin, worth about $171 million at the time.
Instead of being used for trading, a large portion of the funds was spent on Palafox’s personal purchases. This included approximately $3 million for 20 high-end vehicles and over $6 million for luxury homes in cities such as Las Vegas and Los Angeles.
More than 90,000 people are believed to have invested in the program. The DOJ has estimated confirmed losses of at least $62 million.
On September 16, the Denver District Court issued a ruling in the case of Eli and Kaitlyn Regalado, who were accused of violating state financial laws through INDXcoin. What does the ruling include? Read the full story.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
