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SEC Charges Exec Over $198M Crypto Fraud Scheme

Paul Atkins appears to be sending a message that crypto crime is indeed illegal, unveiling these charges on his first day as chair.
SEC Charges Exec Over $198M Crypto Fraud Scheme
Bankless Bankless
Apr 23, 2025 • 1 min read
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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.

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