The case was investigated by the FBI Washington Field Office and the IRS Criminal Investigation Washington, D.C., Field Office. Assistant U.S. Attorneys Jack Morgan and Annie Zanobini, along with former Assistant U.S. Attorney Zoe Bedell, led the prosecution.
FAQ Who was sentenced in the U.S.? Ramil Ventura Palafox, a U.S.-Philippines dual citizen, received 20 years in prison for running a bitcoin Ponzi scheme. How much money was involved globally? PGI defrauded more than 90,000 investors worldwide of over $201 million. Where did Palafox spend investor funds? He bought luxury cars, homes in Las Vegas and Los Angeles, designer goods, and penthouse suites. Which agencies led the case? The FBI Washington Field Office and IRS Criminal Investigation in D.C. investigated and prosecuted.Judge Sentences PGI Founder to 20 Years for $201 Million Bitcoin Ponzi Scheme
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