Ramil Ventura Palafox, who served as the CEO of a supposed crypto firm Praetorian Group International (PGI), has pleaded guilty of defrauding over 90,000 crypto users. This week, Palafox confessed that between December 2019 and October 2021 he duped investors off at least$62.6 million.
An official statement from the U.S. Attorney’s Office said that at least 90,000 investors invested over $201,000,000 in PGI between December 2019 to October 2021. While around $30,295,289 were wired by investors into PGI by fiat currencies, at least 8,198 BTC worth $171,498,528 were also invested into the venture.
Pleading guilty to defrauding PGI customers, Palafox said he created an online platform for users to track their portfolios, which he tampered to depict misrepresented data. As it showed pumped returns next to users’ investments, his platform continued to rope-in funds.
The 60-year-old falsely claimed to PGI customers that the platform was engaged in BTC trading, as he promised daily returns of 0.5 percent to three percent. Instead, PGI was not trading Bitcoin at scale and was instead paying the investors back with the funds received from other investors or the company’s own reserves.
“Palafox spent money on expenses that served both personal purposes and to promote the fraudulent scheme. He spent approximately $3 million on 20 luxury vehicles, including automobiles by Porsche, Lamborghini, McClaren, Ferrari, BMW, Bentley, and others,” the statement by the U.S. Attorney’s Office noted, giving more details on his luxurious spending records.
Palafox’s sentencing in the case is scheduled to be finalized on February 3, 2026. He could be facing prison time of up to 40 years. After considering factors including the U.S. Sentencing Guidelines, a federal judge will determine a sentence for the PGI CEO.
Meanwhile, Palafox has agreed to pay a restitution of $62.9 million.