Skip to Primary Navigation

Skip to main content

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
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

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

Sales of

, , , , , , , , ,

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

Start free trial Sign in

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience