The US Securities Commission (SEC) filed a lawsuit against the head of PGI Global Ramil Palafox. He is accused of creating a cryptocurrency pyramid, which attracted $ 198 million from customers under the guise of investment in AI platform for crypto and forex trading.
According to SEC:
From 2020 to 2021, PGI sold “investpakes” with promised income up to 200%
More than $ 57 million were spent by Palafox on personal needs: at home, hours, cars
The company actually covered the sale of unregistered securities
The platform used circular translations and falsification of data to create the illusion of successful trading. In 2022, the British court eliminated the PGI Global, but investors did not receive compensation.
Relatives of Palafox also appear in the case - the SEC requires them to return the received assets. CEO itself is planning to remove from participation in crypto and MLM projects forever.
