CEO sentenced to 20 years for $200M Bitcoin Ponzi scheme

Ramil Ventura Palafox, 61, former CEO and chairman of Praetorian Group International, was sentenced to 20 years in prison for running a $200 million Bitcoin Ponzi scheme that defrauded more than 90,000 investors worldwide. Prosecutors say Palafox used PGI to lure investors into a purported Bitcoin trading program that promised daily returns of 0.5% to 3% but never engaged in genuine trading; payouts were funded with money from new investors.

Victims from around the world collectively invested more than $200 million, with documented losses reaching into the tens of millions for many individuals. After pleading guilty in September 2025 to fraud and money laundering tied to activity between December 2019 and October 2021, Palafox was convicted on multiple federal charges, including wire fraud and money laundering.

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