SEC targets crypto executive in $198 million Ponzi case
PGI Global, shut down by the UK High Court, misled investors with fake dashboards and circular crypto transactions.
Ramil Palafox, CEO of PGI Global, has been charged by the US Securities and Exchange Commission. He is accused of orchestrating a $198 million crypto-based Ponzi scheme.
According to the SEC, Palafox marketed unregistered ‘membership packages’ between 2020 and 2021. He promised returns of up to 200% through a fake AI-driven trading platform.
Investor funds were reportedly diverted to finance an extravagant lifestyle, including a $1.7 million Las Vegas home, luxury cars, and high-end jewellery.
SEC alleges PGI Global manipulated user dashboards and faked trading activity to deceive investors. The company, also known as PGI Global UK Ltd, was shut down by the UK High Court in 2022.
The case marks the first crypto enforcement action under new SEC Chair Paul Atkins. Prosecutors filed a related criminal case and seek a permanent ban on Palafox’s crypto involvement. Several family members are named to receive assets linked to the scheme.
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