23-4-2025 – The founder of PGI Global faces serious allegations from American financial regulators over what investigators describe as an elaborate investment deception spanning multiple continents.
The Securities and Exchange Commission (SEC) has unveiled damning evidence against Ramil Palafox, alleging he masterminded a sophisticated fraud scheme that preyed upon international investors. The regulatory body claims Palafox diverted more than $57 million of investors’ capital towards a lavish lifestyle, including the purchase of prestigious Lamborghini motorcars.
At the heart of the deception lay PGI Global’s carefully crafted image as a cutting-edge cryptocurrency and forex trading platform. The venture, operational from early 2020 until autumn 2021, allegedly enticed participants with promises of guaranteed returns and employed multi-level marketing tactics to expand its reach.
“Behind the veneer of technological sophistication lay nothing more than smoke and mirrors,” remarked Laura D’Allaird, who heads the SEC’s newly established Cyber and Emerging Technologies Unit. This specialised division, launched in February to replace its predecessor, focuses on safeguarding investors from fraudulent activities in the cryptocurrency and artificial intelligence sectors.
Scott Thompson of the SEC’s Philadelphia office expressed particular concern over the scheme’s exploitation of investors’ trust. The investigation revealed that rather than conducting legitimate trading activities, Palafox allegedly sustained the operation through classic Ponzi scheme mechanics, using fresh investments to reward earlier participants until the inevitable collapse.
The legal proceedings, filed in Virginia’s Eastern District Court, extend beyond Palafox himself. The SEC has named several relief defendants, including BBMR Threshold LLC and three individuals, in their pursuit of misappropriated funds. The regulatory body seeks comprehensive sanctions, including permanent restrictions on Palafox’s involvement in securities and cryptocurrency markets.
In a coordinated effort, American law enforcement agencies have mobilised their resources, with the FBI and Internal Revenue Service supporting the investigation. Parallel criminal proceedings have commenced, marking a significant escalation in the authorities’ response to alleged cryptocurrency-related financial misconduct.
The case highlights the ongoing challenges facing financial regulators as they grapple with fraud in emerging technology sectors, particularly in the cryptocurrency space. The SEC’s aggressive pursuit of this case signals a renewed commitment to protecting investors from sophisticated digital-age financial schemes.
