Ramil Palafox Accused of $198M Crypto Fraud, Lavish Spending
As Paul Atkins took to the office as Chairman of the US Securities Exchange Commission on Tuesday, the very first target of the agency turned out to be Ramil Palafox, founder of PGI Global.
Palafox is accused of orchestrating a fraudulent investment scheme which victimized worldwide investors for $198 million while misappropriating $57 million of their capital, according to the Securities and Exchange Commission.
The SEC complaint states that Palafox established PGI Global as an organization which pretended to operate as a crypto asset and foreign exchange trading company.
Palafox operated PGI Global as a fraud scheme from January 2020 until October 2021 through which he promised investors substantial earnings from his nonexistent crypto…
