CEO of Praetorian Group International Sentenced to Two Decades for $200 Million Ponzi Scheme
Ramil Ventura Palafox, the CEO of PGI, will serve 20 years in prison for running a massive Bitcoin Ponzi scheme that defrauded thousands.
The US Department of Justice has reported that Ramil Ventura Palafox, the CEO of Praetorian Group International (PGI), has been sentenced to 20 years in prison. Palafox was found guilty of orchestrating a Ponzi scheme that generated $200 million and defrauded over 90,000 investors globally.
Background on the Fraud
According to the court documents, Palafox, aged 61, held dual citizenship in the United States and the Philippines. He managed PGI, claiming it was engaged in Bitcoin trading while promoting it as a multi-level marketing scheme. Investors were promised daily returns ranging from 0.5% to 3%. However, PGI did not trade Bitcoin at a scale necessary to yield such returns, relying instead on new investor funds and existing deposits for payouts. Between December 2019 and October 2021, over 90,000 investors contributed more than $201 million to PGI, including around $30.3 million in fiat currency and at least 8,198 BTC, valued at roughly $171.5 million at that time.
Investor losses exceeded $62 million as Palafox falsely represented investment performance on an online PGI portal, misleading victims into believing their investments were secure.
Extravagant Spending and Deceit
Palafox reportedly used around $3 million to purchase 20 luxury vehicles from brands like Porsche, Ferrari, and Lamborghini. He also spent approximately $329,000 on penthouse suites at luxury hotels and bought multiple homes worth over $6 million in Las Vegas and Los Angeles. His lavish expenditures continued with nearly $3 million used on high-end clothing and accessories from reputed retailers. Additionally, he transferred at least $800,000 in fiat currency and 100 BTC, valued at $3.3 million at the time, to a family member.
Victims and Legal Consequences
The Justice Department revealed that victims of PGI might be eligible for restitution. In a related matter, PGI Global’s UK affiliate was shut down by the UK’s High Court in 2022, and the US Securities and Exchange Commission (SEC) charged Palafox in April 2025 for his role in the Ponzi scheme.
