PGI CEO sentenced to 20 years in prison for $200 million Bitcoin Ponzi scheme

The US Department of Justice announced that Ramil Ventura Parafox, CEO of Praetorian Group International, has been sentenced to 20 years in prison for operating a Bitcoin Ponzi scheme to defraud over 90000 investors worldwide. Parafox falsely claimed that PGI was engaged in Bitcoin trading and promised daily returns of 0.5% to 3%, but in reality, it was a Ponzi scheme. From December 2019 to October 2021, investors invested over $201 million in PGI, including $30.295289 million in fiat currency and 8198 bitcoins worth $171498528 million, resulting in losses of at least $62.692007 million.