[PGI CEO Sentenced to 20 Years in Prison for $200 Million Bitcoin Ponzi Scheme] BlockBeats News, February 13: The U.S. Department of Justice officially announced a landmark case in which the CEO of Praetorian Group International was sentenced to 20 years in prison for operating a $200 million Bitcoin Ponzi scheme, defrauding over 90,000 investors worldwide. He was convicted of wire fraud and money laundering. 61-year-old Ramil Ventura Palafox, who holds dual citizenship in the United States and the Philippines, operated Praetorian Group International (PGI) and served as its Chairman and CEO. Palafox falsely claimed that PGI was engaged in Bitcoin trading and promised daily returns of 0.5% to 3%. However, PGI's Bitcoin trading volume was far from sufficient to deliver the promised returns, and it was, in fact, a Ponzi scheme. From December 2019 to October 2021, at least 90,000 investors worldwide invested over $201 million in PGI, including at least $30,295,289 in fiat currency and at least 8,198 Bitcoins valued at $171,498,528. Due to Palafox's actions, investors suffered total losses of at least $62,692,007.