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SEC sues operator of alleged $198m crypto Ponzi scheme

Bitcoin and Ethereum cryptocurrency on a laptop keyboard, next to a trading chart.
Photo: Getty Images/bizoo_n

Alexander Barzacanos

1 min read
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The case is the first crypto enforcement action initiated under Paul Atkins’s tenure.

The SEC has launched a lawsuit against Ramil Ventura Palafox, founder of defunct Praetorian Group International Corporation (PGI Global), accusing him of orchestrating a $198m crypto and forex investment fraud that resembled a Ponzi scheme.

The SEC alleged in its complaint that from January 2020 to September 2021, Palafox and

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