The CEO of Praetorian Group International was sentenced to 20 years in prison for alleged involvement in a $200 million Bitcoin Ponzi scheme.

PANews reported on February 13 that, according to a statement from the U.S. Department of Justice, Ramil Ventura Palafox, CEO of the multinational pyramid scheme and Bitcoin trading company Praetorian Group International (PGI), was sentenced to 20 years in prison for running a Ponzi scheme involving over $200 million. Palafox, a dual U.S. and Filipino citizen, attracted over 90,000 investors worldwide to invest more than $201 million in PGI between December 2019 and October 2021 by falsely promising daily returns of 0.5% to 3% on Bitcoin trading. The company lacked the actual ability to deliver on its promises; the funds originated from principal invested by later investors, resulting in total losses of $62.69 million for the victims. Palafox used the proceeds to purchase luxury cars, mansions, and other luxury goods, and to transfer funds to his family. He was convicted by a federal jury last November.