Bitcoin Ponzi CEO Pleads Guilty, Promised 3% Daily Returns

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CEO of Bitcoin scheme admits guilt to defrauding 90,000 investors offering daily returns up to 3 percent, taking in 62M and 200M.

Well, folks, it turns out that not all Bitcoin dreams are made of moon landings. Enter Ramil Ventura Palafox, the charming CEO of Praetorian Group International (PGI), who was running a good ol’ fashioned Ponzi scheme while telling people they could get 3% returns daily. Yes, *daily*. Like your grandmother’s savings account, but with a lot more luxury sports cars. 🏎️

According to the U.S. Justice Department (those busy folks always ruining a good con), Palafox somehow convinced 90,000 investors from all over the world to hand over their hard-earned cash. How did he do it? Simple: he promised them returns so good, they could practically hear the Bitcoin tickers ringing in their heads. Between December 2019 and October 2021, PGI raked in over $201 million. Let’s just say, Palafox’s pockets got a little too full.

But here’s the catch-PGI wasn’t making the profits it promised. Shocked, right? It turns out that the *only* returns they were generating were from fresh investors, essentially paying for the previous ones’ “profits”. Classic Ponzi move, I know. 🙄

Unveiling the Ponzi Illusion: How PGI Misled Thousands

But Palafox wasn’t just relying on good ol’ word of mouth. Oh no. He got creative. He built a website that made it look like investments were growing at lightning speed. Who needs actual profits when you have a flashing, fancy online portal designed to make people feel like they’re on the verge of a crypto empire? The reality? Just a trap. 🎯

This was enough to keep the Ponzi wheel spinning. They even inflated investment values in 2020 and 2021, making investors more desperate to “re-invest” and get their piece of the fake pie. 2020, the year of many bad ideas, but hey, at least this one came with a flashy dashboard.

As for the investors, they lost a lot. I mean, like *a lot*. Over $62 million worth of investments were gone. And what did Palafox do with the money? Well, he spent it like it was going out of style-luxury homes, sports cars, you name it. Porsche, Lamborghini, Ferrari-you get the idea. Four luxury homes, because, why not? No one ever said you could have too many places to park your cars you bought with stolen cash. đź’¸

Oh, and let’s not forget the $3.3 million worth of Bitcoin he gave to his family. Just a little something to show appreciation, you know? But here’s the kicker: he’s facing up to 40 years in jail for all of this. Which, let’s face it, is still way better than having to live in one of those four homes in Las Vegas. 🏠

In a truly bold move, he agreed to reimburse $62 million to the victims. Talk about taking responsibility. The case will be sentenced in February 2026. So there’s that.

Massive Bitcoin Losses: What Investors Need to Know

Now, let this be a lesson to anyone dreaming of getting rich quick with Bitcoin. Ponzi schemes are alive and well, especially when crypto is involved. The case against PGI isn’t just a cautionary tale; it’s a *warning* from the U.S. Attorney’s Office and the FBI. It’s almost like they’re trying to make us believe that free money doesn’t exist. But hey, who am I to say?

If you’re one of the poor souls who lost money in PGI, don’t despair just yet. The FBI and DOJ are working on restitution for the victims, and their websites are full of updates on how you can get your money back-probably after they finish chasing down the next crypto kingpin. 🕵️‍♂️

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2025-09-21 14:03