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The CEO of Praetorian Group International pleads guilty to a $200 million Bitcoin Ponzi Scheme.
PANews September 18 - According to the official website of the U.S. Department of Justice, Ramil Ventura Palafox, CEO of Praetorian Group International, has pleaded guilty to operating a Bitcoin Ponzi Scheme, involving more than $200 million. The scheme lured over 90,000 investors worldwide with false promises of daily returns of 0.5% to 3%, actually using funds from new investors to pay returns to older investors. Palafox used the funds to purchase luxury cars, mansions, and other luxury goods, causing investors to lose over $62 million. He is set to be sentenced on February 3, 2026, facing up to 40 years in prison, and has agreed to pay full restitution.