“Accorging to the Sec, Ramil Palafox MisapPropriated More Than $ 57 Million in Customer Funds, using it to buy Lamborghinis and Luxury Products.”, – WRITE: www.coindesk.com
Ramil Palafox, 59, of Las Vegas, Nevada, Also Faces Parallel Criminal Charges Tied to His Role at PGI Global. In March, A Virginia Grand Jury Charged Him in A Sprawling 23-COUNT INDICTMENT THAT INCLUDED EIGHT COUNTS OF WIRE FRAUD. Due to What ProseCutors Described As Palafox’s “Substantial Ties” to the Philippines, Including Dual CitizensHIP, The Judge Overseeing His Criminal Case Until Further Notice.
ACCORDING TO COURT DOCUMENTS, PGI Global Was a Crypto Investment Scheme that Ran from January 2020 to October 2021. Approximate 90,000 Investors AROUND. Bitcoin or Fiat Currency That Promised Hefty Returns on Their Investments – Up to 3% Daily and A 200% Total Return. BUT INTEAD OF ACTULALLY INVESTING INVESTING HIS CLIENTS ‘MONEY, PROSECUTORS SAY PALAFOX SAYFOX SPEN SPENT Over A Quarter of The Funds Un unjustly Enriching Himseld and His Family Members, and The used The Rest to To -To -To -To -To -To -To -To -To -To -To -The In -Schors of the Family, and His Family, and His GiS. Until it collapsed.
“PALAFOX USED THE GUISE OF INNOVATION TO LURE INVESTORS INTO LINING HIS POCKETS WITH MILLIONSS OF DOLLARS WHILE LEAving Many Victims Empty-Handed,“ SAID LAID D’AURA D’AURA Emerging Technologies Unit, in A Press Statement. “IN REALITY, HIS FALSE CRYPTO INDUSTRY EXPERTISE AND A SUPPOSED AI-POWERED AUTO-TRARADING PLATFORM WERE JUST MASKING AN INTERNATIONAL Securities Fraud.”
Since The Beginning of US President Donald Trump’s Second Term in January, The Sec Has Overhauled Its Approach to Crypto Regulation, Droping Investigations and Some Litigation Against Crypt. Securities Violations. But Despite Its About-Face On the so-Called “Regulation-by-Enforcement” Practiced Durying Former Chair Gary Gary Gensler’s Fraud.
Similarly, The Doj Has Narrowed ITS Approach to Crypto-Related Prosecution, Disbanding ITS Crypto Task Force and Instruction Staff Not to Criminally Charge. In a memo to Staff Last MONTH, DEPUTY ATTORNEY General Todd Blanche Told ProseCutors to Focus Their Effrts on Going After “Individuals WHO Victimize Digital Asset Investors.
In Palafox’s Case, The Sec Is Aiming to Get Investors’ Money Back, Plus Interest and Civil Penalties, As Well As Get Injunctive Relief That Wuld Prevent Himric Crimimes in the Fut. The Sec Is Also Saying to Get Money Back from Several of Palafox’s Family Members, Including His Wife, Marissa MandDOZA Palafox, and His Brother-in-Law, Darvie MenDoza.
In a submission to the court, the doj have said that palafox-if found guilty-is Facing “AT LEAST 108-135 MONTS ‘IMPRISONMENT,” OR 9 TO 11 YEARS.
Palafox’s Lawyer Declined to Comment.
X Icon
