SEC falls the hammer on the Crypto Ponzi chart worth $ 198 million

The US Securities and Exchange Committee (SEC) accused Ramil Palavox, founder of the Pgi Global Corporation, with a huge Bonzi scheme of $ 198 million who misleading investors worldwide.

Palafox was accused of fraud on investors by promoting PGI Global as a legitimate trading company and foreign currencies from January 2020 to October 2021.

Bonzi scheme worth $ 198 million exposed

SEC complaint Detailed that Palafox sold “membership” packages that promised high returns from the supposed trading of PGI Global, while providing multiple referral incentives similar to marketing to encourage new investors.

In fact, Palafox mixed more than $ 57 million of investor money for personal expenses, including luxury elements such as Lamborghinis. The majority of the remaining funds were used to pay the returns for former investors in the Classic Punzi scheme until it collapsed in late 2021.

Scott Thompson, Assistant Director of Philadelphia Regional Office, stated,

As he claimed in Shakwana, Affox attracted investors with the attractiveness of guaranteed profits of advanced encryption assets and foreign exchange trading, but instead of trading, he bought the AFox himself, his family hours, watches and homes that use millions of dollars of investor money. “

Laura Dalmeard, head of the Electronic and Emerging Technologies Unit at SEC, has described Palafox actions as using the attractiveness of innovation in the encryption industry to deceive investors and hide widespread fraud.

SEC’s complaint, which was submitted at the American Provincial Court of the Eastern Region in Virginia, was accused of federal defrauding and registration rulings. He seeks to prevent him from participating in multi -level marketing programs, and demands the return of illegal gains, and invitations to civil sanctions.

In addition, complaints are called many relief defendants, including BBMR Threshold LLC and individuals associated with Palafox, and seek to dismantle their illegal money. Palavox also faces criminal charges, with a parallel case filed by the US Prosecutor’s Office for the Eastern Region in Virginia.

Campaign in the United Kingdom

In 2022, the UK Supreme Court closed the PGI Global Division in the UK for allegedly running a fraudulent plan promised investors with returns of up to 200 %. The company claimed that it provides profitable digital asset investments, but it failed to fulfill its promises.

The authorities decided that PGI Global had stolen more than $ 700,000 from users, as executive officials have transferred $ 225,000 to personal accounts and spending $ 11,500 on luxury elements. At the same time, it was reported that Affox refused to cooperate with the investigation.