# SEC Charges Exec Over $198M Crypto Fraud Scheme

*Author: Bankless*
*Published: Apr 23, 2025*
*Source: https://www.bankless.com/de/read/sec-charges-exec-over-198m-crypto-fraud-scheme*

---

The SEC has charged PGI Global founder Ramil Palafox with conducting a $198M crypto fraud scheme, involving misappropriated funds and Ponzi-like payouts. 

## **What’s the Scoop?**
- **Fraud Accusations**: The SEC has accused PGI Global founder Ramil Palafox of orchestrating a crypto fraud scheme that raised approximately $198 million.
- **Misuse of Funds**: Over $57 million from investor funds were used for personal luxury items, including Lamborghinis, watches, and homes.
- **Ponzi-like Payments**: The remaining funds were used to pay earlier investors in what the SEC described as a 'Ponzi-like' scheme.
- **Legal Action**: The SEC is seeking permanent injunctions, disgorgement of funds, and civil penalties, while Palafox also faces parallel criminal charges.
---

*This article is brought to you by [MetaMask](https://www.bankless.com/de/sponsor/metamask-1776260643?ref=read/sec-charges-exec-over-198m-crypto-fraud-scheme)*