Bitcoin Kingpin or the artist deceives? SEC Crypto, owner of Forex, more than 200 million dollars, fraud
Federal prosecutors and organizers accused a man who claims to manage a huge fraud plan in the cryptocurrency that was deceiving 200 million dollars from 90,000 investors.
Ramil PalavoxHe is claimed that he stole more than $ 57 million from January 2020 to October 2021 from October 2021 through his company Pgi Global, according to Turges provided on April 22.
How did the scheme work
Securities and Stock Exchange Committee Allegedly Palafox has recruited investors by presenting wrong representations that he had knowledge of an encrypted currency and AI’s paid trading platform.
Spending on personal elements
“Palox I attracted investors Scott Thompson, assistant director of the Philadelphia office in Philadelphia, said that with the promise of confirmed profits through the advanced trading of the assets of encryption and the foreign exchange, but instead of trading, Palafox bought himself, his family cars, hours and millions of dollars in investor money.
The court papers indicate that if convicted, Palafox will lose more than a million dollars in cash and amazing lens of 17 vehicles. It includes Tesla, Ferrari 458 Special, Two Lamborghinis, and two Porsche.
A screenshot of the SEC complaint vs. Ramil Palafox. Source: SEC
The organizers revealed the disclosure of the Palafox luxury employment parties in Dubai and Las Vegas, as the members paid a reward for employing new investors.
Investigators also included many designed handbags, governors, shoes, jewelry and watches under the assets associated with suspected fraud.
The money has not been invested from new investors in trading as guaranteed but was transferred to the settlement of former investors and the highly lifestyle of Palafox.
BTCUSD trading in the $93,417 region on the 24-hour chart: TradingView.com
False promises of high returns
The federal authorities have devoured Affox Wire fraud feesLusing of money and illegal cash transactions on an indictment submitted on March 13. They claim that investors were deceived by ensuring daily returns ranging from 0.5 % and 3 % on bitcoin trading.
It is claimed that Affox has informed investors that he could trade money, regardless of whether the price Bitcoin It was up or down. According to investigations into the Ministry of Justice, most of the investor money has never been used to buy or sell Bitcoin at all, and many individuals lost part or all their investments.
The first main issue under the leadership of the new SEC
The case is the first enforcement of the cryptocurrency since SEC Chairman, Paul Atkins, began his position on April 22.
Atkins has been described as “friendly” in his organizational style. SEC requires a number of penalties against Palafox, including a permanent judicial matter from selling securities, encryption assets, recovery of illegal gains, and civil fines.
The move comes after another encoding case against Nova Labz, and concluded in April on a settlement and a civil penalty worth $ 200,000 after allegations of selling unregistered securities using the distinctive symbol mining devices.
Distinctive image from OutSeer, TradingView graph
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