Foresight News reports that according to the U.S. Eastern District of Virginia Federal Prosecutor’s Office, Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), was sentenced to 20 years in prison for operating a Bitcoin Ponzi scheme involving $200 million. Palafox falsely claimed that PGI was involved in Bitcoin trading and promised daily returns of 0.5% to 3%, but in reality, he used new investors’ funds to pay returns. Between December 2019 and October 2021, over 90,000 investors worldwide invested more than $201 million (including $30.295 million in cash and 8,198 Bitcoin), resulting in total investor losses exceeding $62.69 million. Additionally, Palafox used over $12 million of the funds to purchase luxury goods, luxury cars, and real estate.
Foresight News previously reported that Ramil Ventura Palafox admitted to wire fraud and money laundering in September 2025, with the court initially expecting a maximum sentence of 40 years.
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