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			{{DEFAULTSORT:Palafox, Ramil}}
	[[Category:High-Profile_Federal_Offenders]]		[[Category:High-Profile_Federal_Offenders]]
	[[Category:Wire_Fraud]]		[[Category:Wire_Fraud]]

Orderly: Create article: Ramil Palafox (federal case)

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Create article: Ramil Palafox (federal case)

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{{Infobox Person
|name = Ramil Ventura Palafox
|birth_date = c. 1965
|charges = Wire fraud, Money laundering
|conviction_date = September 16, 2025 (guilty plea)
|sentence = 20 years federal prison
|sentencing_date = February 2026
|restitution = $62,692,007
|judge = Hon. Leonie M. Brinkema
|case_number = 1:25-cr (E.D. Va.)
|facility = Federal Bureau of Prisons
|status = Incarcerated
|occupation = Former chief executive, Praetorian Group International
|known_for = PGI Global cryptocurrency Ponzi scheme
}}

'''Ramil Ventura Palafox''' (born c. 1965) is a dual United States and Philippines citizen who ran PGI Global, a cryptocurrency and foreign-exchange investment operation that federal prosecutors described as a Ponzi scheme. The company also traded under the name Praetorian Group International. Between December 2019 and October 2021, Palafox took in more than $201 million from over 90,000 investors around the world. He told them their money was being traded in bitcoin and currency markets at daily returns of 0.5 to 3 percent. Most of that trading did not happen.<ref name="irs2025">Internal Revenue Service, Criminal Investigation. "Praetorian Group International CEO pleads guilty to $200M bitcoin Ponzi scheme." September 16, 2025.</ref><ref name="sec2025">U.S. Securities and Exchange Commission. "SEC Charges PGI Global Founder with $198 Million Crypto Asset and Foreign Exchange Fraud Scheme." Press release 2025-69, April 23, 2025.</ref>

On September 16, 2025, Palafox pleaded guilty to wire fraud and money laundering in the U.S. District Court for the Eastern District of Virginia.<ref name="irs2025"/> In February 2026, U.S. District Judge Leonie M. Brinkema sentenced him to 20 years in federal prison.<ref name="coindesk2026">CoinDesk. "PGI Global CEO Gets 20 Years Sentence Over $200 Million Bitcoin Ponzi Scheme." February 13, 2026.</ref><ref name="irs2025"/> The court entered a restitution order of $62,692,007, the figure prosecutors used to measure investor losses.<ref name="irs2025"/> The Securities and Exchange Commission brought a parallel civil case in the same district in April 2025, charging Palafox with a $198 million fraud.<ref name="sec2025"/>

== Background ==

Palafox held citizenship in both the United States and the Philippines.<ref name="irs2025"/> He lived for a period in Las Vegas, Nevada.<ref name="wusa2026">WUSA9. "CEO sentenced in Virginia to 20 years for $200M international bitcoin Ponzi scheme." February 2026.</ref> He served as the chief executive officer, chairman, and lead promoter of Praetorian Group International.<ref name="irs2025"/>

Public records and court filings give limited detail about his life before PGI Global. The case against him centers on roughly two years of activity, from late 2019 through the fall of 2021, when the operation collected and spent investor money.<ref name="irs2025"/>

== Praetorian Group International ==

Praetorian Group International, marketed as PGI Global, presented itself as a crypto-asset and foreign-exchange trading company.<ref name="sec2025"/> The pitch was simple. Investors handed over bitcoin or cash. Palafox said an automated, AI-driven platform would trade those funds in currency and cryptocurrency markets. He advertised a 200 percent return on investment and promised daily payouts of 0.5 to 3 percent.<ref name="sec2025"/><ref name="earnforex">EarnForex. "Ramil Palafox and PGI Global: Forex MLM Scheme." 2025.</ref>

The company ran on a multi-level marketing structure. Members bought into tiered packages and earned commissions for recruiting new investors. To qualify for a recruitment bonus, a member had to bring in at least two new investors within 30 days.<ref name="earnforex"/> Commission rates climbed with each tier. Sapphire members earned 8 percent on direct referrals. Ruby members earned 10 percent. Emerald members earned 12 percent. Diamond members, at the top, earned 15 percent on referrals plus residual commissions on the people below them.<ref name="earnforex"/>

PGI Global gave each investor access to an online portal. The portal displayed account balances and accruing returns. The numbers on the screen were not tied to real trading gains. The SEC found no evidence that PGI Global generated income through any legitimate trading or investment.<ref name="sec2025"/>

The operation reached beyond the United States. Palafox ran a parallel arm in the United Kingdom between July 2020 and February 2021, which took in £612,425.<ref name="cryptopolitan2025">Cryptopolitan. "SEC charges PGI Global founder over $198 million crypto Ponzi scheme." April 2025.</ref> In total, the company drew more than 90,000 investors worldwide.<ref name="irs2025"/>

== The Scheme ==

PGI Global functioned as a Ponzi scheme. Money from new investors paid the returns and referral rewards owed to earlier investors. There was no engine of real profit underneath.<ref name="sec2025"/><ref name="irs2025"/>

The intake was large. From December 2019 to October 2021, PGI Global collected more than $201 million. That sum broke down to $30,295,289 in fiat currency and at least 8,198 bitcoin, worth $171,498,528 at the relevant time.<ref name="irs2025"/>

Palafox diverted a substantial share of that money to himself. He spent about $3 million on roughly 20 luxury vehicles, a fleet that included Porsche, Lamborghini, and Ferrari models.<ref name="irs2025"/> He spent more than $6 million on four homes in Las Vegas and Los Angeles.<ref name="irs2025"/> He paid about $329,000 for penthouse suites at high-end hotels.<ref name="irs2025"/> He spent roughly $3 million more on designer clothing, watches, and jewelry from retailers including Gucci, Cartier, and Rolex.<ref name="irs2025"/>

He also moved money to family. Court records show Palafox transferred at least $800,000 in cash and an additional 100 bitcoin to a family member.<ref name="irs2025"/>

The scheme collapsed in late 2021.<ref name="sec2025"/> When PGI Global stopped paying, the money that investors saw on their portal screens proved to be a record of payouts that the company could not make. Prosecutors fixed investor losses at $62,692,007.<ref name="irs2025"/>

== Charges ==

The criminal case proceeded in the Eastern District of Virginia. The Securities and Exchange Commission filed its civil complaint there on April 23, 2025, charging Palafox with a $198 million crypto-asset and foreign-exchange fraud.<ref name="sec2025"/> The SEC alleged that Palafox offered and sold unregistered securities and violated the antifraud provisions of the federal securities laws. It found that he misappropriated more than $57 million of investor funds for personal use.<ref name="sec2025"/>

The criminal charges followed the same conduct. Palafox was charged with wire fraud, an offense under 18 U.S.C. § 1343, and money laundering.<ref name="irs2025"/> Wire fraud covers schemes to defraud carried out through interstate electronic communications, which fit PGI Global's reliance on online portals, wire transfers, and digital promotion.<ref name="irs2025"/>

On September 16, 2025, Palafox pleaded guilty to wire fraud and money laundering.<ref name="irs2025"/> The plea exposed him to a statutory maximum of 40 years in prison.<ref name="virginiabusiness2025">Virginia Business. "Ex-CEO pleads guilty to $200M bitcoin Ponzi scheme in federal court." September 2025.</ref> As part of the agreement, the parties set restitution at $62,692,007.<ref name="irs2025"/>

The case was investigated by Internal Revenue Service Criminal Investigation and the Federal Bureau of Investigation.<ref name="irs2025"/> Assistant United States Attorneys Jack Morgan, Zoe Bedell, and Annie Zanobini prosecuted the matter.<ref name="irs2025"/>

== Sentencing ==

Palafox was sentenced in February 2026 before U.S. District Judge Leonie M. Brinkema in Alexandria, Virginia.<ref name="coindesk2026"/><ref name="wusa2026"/> The court imposed a term of 20 years in federal prison.<ref name="coindesk2026"/><ref name="irs2025"/>

The sentence sat well below the 40-year statutory maximum the plea allowed, but it ranked among the longer terms handed down in a cryptocurrency fraud case to that point.<ref name="virginiabusiness2025"/> The court's restitution order held Palafox liable for $62,692,007 to the victims of the scheme.<ref name="irs2025"/>

The SEC's civil case ran on its own track. The Commission sought disgorgement, civil penalties, and a permanent injunction, and it asked the court to bar Palafox from future securities activity.<ref name="sec2025"/>

== Frequently Asked Questions ==
{{FAQSection/Start}}
{{FAQ|question=Who is Ramil Palafox?|answer=Ramil Ventura Palafox is a dual U.S. and Philippines citizen who ran PGI Global, also known as Praetorian Group International. Federal prosecutors described it as a cryptocurrency Ponzi scheme. He pleaded guilty to wire fraud and money laundering in 2025 and was sentenced to 20 years in federal prison in February 2026.}}
{{FAQ|question=What was PGI Global?|answer=PGI Global, formally Praetorian Group International, marketed itself as a crypto-asset and foreign-exchange trading company. It promised investors daily returns of 0.5 to 3 percent and a 200 percent return on investment, paid through a multi-level marketing structure that rewarded members for recruiting new investors. The SEC found no evidence it generated income through legitimate trading.}}
{{FAQ|question=How much money did Palafox take?|answer=Between December 2019 and October 2021, PGI Global collected more than $201 million from over 90,000 investors. That total included $30,295,289 in cash and at least 8,198 bitcoin worth $171,498,528. Prosecutors set investor losses at $62,692,007.}}
{{FAQ|question=What did Palafox plead guilty to?|answer=Palafox pleaded guilty on September 16, 2025, to wire fraud and money laundering in the U.S. District Court for the Eastern District of Virginia. The plea carried a statutory maximum of 40 years in prison.}}
{{FAQ|question=How long is Ramil Palafox's sentence?|answer=U.S. District Judge Leonie M. Brinkema sentenced Palafox to 20 years in federal prison in February 2026. The court also ordered restitution of $62,692,007.}}
{{FAQ|question=What did Palafox spend the money on?|answer=Court records show Palafox spent about $3 million on roughly 20 luxury cars, more than $6 million on four homes in Las Vegas and Los Angeles, about $329,000 on hotel penthouse suites, and about $3 million on designer clothing, watches, and jewelry. He also transferred at least $800,000 in cash and 100 bitcoin to a family member.}}
{{FAQ|question=Was there an SEC case against Palafox?|answer=Yes. The Securities and Exchange Commission filed a civil complaint on April 23, 2025, in the Eastern District of Virginia, charging Palafox with a $198 million crypto-asset and foreign-exchange fraud. The SEC alleged he sold unregistered securities and misappropriated more than $57 million of investor funds.}}
{{FAQ|question=Where is Ramil Palafox incarcerated?|answer=Palafox is in the custody of the Federal Bureau of Prisons following his February 2026 sentencing. The specific facility designation has not been publicly identified.}}
{{FAQSection/End}}

== References ==

<references />

[[Category:High-Profile_Federal_Offenders]]
[[Category:Wire_Fraud]]
[[Category:Money_Laundering]]
[[Category:Ponzi_Schemes]]
[[Category:Cryptocurrency Fraud]]
[[Category:Currently Incarcerated]]

{{#seo:
|title=Ramil Palafox — PGI Global Cryptocurrency Ponzi Scheme | Prisonpedia
|title_mode=replace
|description=Ramil Ventura Palafox ran PGI Global, a $200M bitcoin Ponzi scheme that defrauded 90,000 investors. He pleaded guilty to wire fraud and money laundering and was sentenced to 20 years.
|keywords=Ramil Palafox, Ramil Ventura Palafox, PGI Global, Praetorian Group International, PGI Global Ponzi scheme, Palafox sentence, bitcoin Ponzi scheme, crypto fraud sentencing
|type=ProfilePage
|site_name=Prisonpedia
|locale=en_US
|published_time=2026-06-03
|modified_time=2026-06-03
}}

{{MetaDescription|Ramil Ventura Palafox ran PGI Global, a $200 million bitcoin Ponzi scheme that defrauded more than 90,000 investors. Guilty plea, sentencing, restitution, and the SEC case on Prisonpedia.}}

Ramil Palafox - Revision history

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Orderly: Create article: Ramil Palafox (federal case)