The US Securities and Exchange Committee (SEC) accused the founder of Crypto and Pgi Global, Pgi Global, which is now violating federal securities laws, and claimed that he managed a “Bonzi-like scheme”, which is approximately 200 million dollars-and spent $ 57 million of customer money on Lamborghins and real estate goods.
Ramil Palfox, 59, from Las Vegas, Nevada, faces parallel criminal charges linked to Pgi Global. In March, he was accused by a jury in Virginia in an indictment from 23 translators that included eight custodians of wire fraud. Due to what general prosecutors described as “great relationships” for the Palafox for the Philippines, including dual citizenship, the judge issued supervision of his criminal case on Tuesday that he must remain in detention until further notice.
According to court documents, PGI Global was a plan to invest in encryption that runs from January 2020 to October 2021. About 90,000 investors around the world bought membership packages either in Bitcoin or FIAT that promised heavy returns for their investments – up to 3 % per day and 200 % of the total return. But instead of actually investing the money of his customers, prosecutors say that Palafox has spent more than a quarter of the money, which is fairly enriched himself and his family members, and used the rest to pay the previous investors in the plan until it collapsed.
“The Palafox I used innovation to attract investors in the lining of his pockets with millions of dollars, while leaving many of the victims of empty -handed,” Laura Dolid, head of the new electronic technology unit at SEC. “In fact, his wrong allegations of his experience in the encryption industry and the supposed car trading platform that make artificial intelligence were just hiding international securities fraud.”
Since the beginning of US President Donald Trump’s second term in January, the Securities and Stock Exchange Authority has fixed its approach to encryption, dropping investigations and some litigation against encryption companies associated with alleged securities violations. But despite the face about the so -called “executive organization” that was practiced during the term of former President Gary Ginsner, SEC promised that it would continue to follow the fragrances of coding securities.
Likewise, the Ministry of Justice has narrowed its approach to the prosecution of encryption, the dissolution of its encryption squad and the guidance of employees not to accuse criminal organizational violations in cases that involve encryption. In a memorandum of employees last month, the Deputy Prosecutor Todd Blanche asked the prosecutor to focus their efforts away from “individuals who strike digital asset investors.”
In the case of Palafox, the Supreme Education Council aims to restore investor funds, as well as interest and civil penalties, as well as obtain restraint relief that would prevent it from similar crimes in the future. SEC also seeks to restore money from many members of the Palafox family, including his wife, Marissa Mendoza Palace, and his wife’s brother Darvi Mendoza.
In its presentation to the court, the Ministry of Justice said that the Affox-if it was convicted-faced “at least 108-135 months”, or from 9 to 11 years.
A avox lawyer refused to comment.
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