Ramil Palafox
Founder of PGI (Praetorian Group International), which raised $201M+ as a Bitcoin Ponzi/MLM scheme (2020–2021). He pleaded guilty in 2025 to wire fraud and money laundering and was sentenced in February 2026 to 20 years in prison.
Also known as: Ramil Ventura Palafox
Bio
Ramil Ventura Palafox, of Las Vegas, founded PGI (Praetorian Group International), which marketed itself as a crypto and forex trading company. From January 2020 to October 2021 he sold "membership" packages promising guaranteed high returns and MLM-style referral rewards, recruiting more than 90,000 investors and taking in at least 8,198 BTC. The SEC said he raised about $198 million (the DOJ cited $201M+) and misappropriated more than $57 million for Lamborghinis, real estate, and luxury goods, paying earlier investors with new investor money. [1][2]
Legal outcome
The SEC charged Palafox in April 2025, alongside a parallel criminal case in the Eastern District of Virginia. He pleaded guilty in September 2025 to wire fraud and concealment money laundering and, in February 2026, was sentenced to 20 years in prison with roughly $62.7 million in restitution. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.