SEC charges PGI Global over $198m forex and crypto scam – The Armchair Trader
The Securities and Exchange Commission this week charged Ramil Palafox with orchestrating a fraudulent scheme that raised approximately $198 million from investors worldwide and also for misappropriating more than $57 million of investor funds.
According to the SEC’s complaint, Palafox’s company, known as PGI Global, claimed to be a crypto asset and foreign exchange trading company. From January 2020 through October 2021, Palafox offered and sold PGI Global “membership” packages, which he claimed guaranteed investors high returns from PGI Global’s supposed crypto asset and foreign exchange trading and offered members multi-level-marketing-like referral incentives to encourage them to recruit new investors.
However, as the…
