PANews reported on September 18th that, according to the U.S. Department of Justice website, Ramil Ventura Palafox, CEO of Praetorian Group International, pleaded guilty to operating a Bitcoin Ponzi scheme involving over $200 million. The scheme lured over 90,000 investors worldwide by falsely promising daily returns of 0.5% to 3%, then used new investors' funds to pay existing investors. Palafox used the funds to purchase luxury cars, homes, and other luxury goods, resulting in investor losses exceeding $62 million. He will be sentenced on February 3, 2026, and faces up to 40 years in prison. He has also agreed to pay full restitution.PANews reported on September 18th that, according to the U.S. Department of Justice website, Ramil Ventura Palafox, CEO of Praetorian Group International, pleaded guilty to operating a Bitcoin Ponzi scheme involving over $200 million. The scheme lured over 90,000 investors worldwide by falsely promising daily returns of 0.5% to 3%, then used new investors' funds to pay existing investors. Palafox used the funds to purchase luxury cars, homes, and other luxury goods, resulting in investor losses exceeding $62 million. He will be sentenced on February 3, 2026, and faces up to 40 years in prison. He has also agreed to pay full restitution.
Praetorian Group International CEO pleads guilty to $200 million Bitcoin Ponzi scheme
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PANews reported on September 18th that, according to the U.S. Department of Justice website, Ramil Ventura Palafox, CEO of Praetorian Group International, pleaded guilty to operating a Bitcoin Ponzi scheme involving over $200 million. The scheme lured over 90,000 investors worldwide by falsely promising daily returns of 0.5% to 3%, then used new investors' funds to pay existing investors. Palafox used the funds to purchase luxury cars, homes, and other luxury goods, resulting in investor losses exceeding $62 million. He will be sentenced on February 3, 2026, and faces up to 40 years in prison. He has also agreed to pay full restitution.
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