In a twist worthy of a Dostoevskian drama, Praetorian CEO Ramil Palafox has been sentenced to two decades of prison life, thanks to his $200 million Bitcoin Ponzi scheme-an elaborate ruse that left 90,000 investors holding the proverbial bag with a stunning loss of $62.7 million.
Ah, but who needs a magic carpet ride when you can scam your way to the top? A U.S. federal court has played the role of the disillusioned lover, handing down a hefty sentence for our dear Ramil Ventura Palafox, the self-styled captain of the cryptocurrency cosmos, whose dreams floated on nothing more than vapor and charm.
The Department of Justice Strikes Back!
Like a divine intervention, the U.S. Department of Justice proclaimed: “Let there be justice!” and promptly sentenced Palafox to 20 years behind bars. Yes, dear readers, a full score of years where he might ponder the true meaning of “investment.”
This dashing gentleman, donning many hats as CEO, chairman, and chief hype man of Praetorian Group International, orchestrated a grand performance-a $200 million Bitcoin fraud that ensnared unwitting investors from all corners of the globe.
The DOJ declared, in tones reminiscent of a tragic bard, that Palafox had indeed misled over 90,000 hopeful souls, leaving them poorer by at least $62.7 million. His lavish lifestyle funded by their dreams has led to this dramatic sentencing.
– Wu Blockchain (@WuBlockchain)
Palafox, a dual citizen of both the United States and the Philippines, pleaded guilty to charges resembling the plot of a crime thriller: wire fraud and money laundering. Such boldness! The investigation into his theatrics spanned the years between 2019 and 2021-oh, what a tangled web!
According to the DOJ’s revealing exposé, more than 90,000 eager investors deposited over $201 million into the glimmering facade of Praetorian Group International. Alas, victims lost at least $62.7 million, and the court, in its infinite wisdom, demanded restitution of that same amount.
The Grand Promise of Daily Bitcoin Bonanza
Prosecutors unveiled the magician’s secret: Palafox assured investors that his company was engaged in high-volume Bitcoin trading, magically promising returns that danced between 0.5% to 3% daily. But, much like a poorly scripted play, the reality was far less enchanting-no trades were made to support such fanciful returns.
Instead, fresh funds flowed in like new players at a card table, covering earlier entrants in a classic Ponzi scheme that would make even the most seasoned con artist proud. The DOJ stated that investor funds were recycled to maintain the illusion of prosperity, a veritable house of cards built on thin air.
“Palafox maintained a PGI website and online portal that falsely displayed steady gains,” the DOJ chimed, painting the picture of a digital mirage. In a grand performance that lasted from December 2019 to October 2021, victims were misled into believing their fortunes were secure and growing.
Related Reading: AML Bitcoin Founder Sentenced to 7 Years for $10M Crypto Fraud
Luxury Spending Spree!
In a plot twist that could only be described as audacious, court documents revealed that Palafox did not just sit idly by while his empire crumbled. No! He used investor funds for a personal extravaganza, splurging about $3 million on 20 extravagant vehicles, and $329,000 on penthouses fit for royalty.
Prosecutors pointed out that more than $6 million found its way into four homes in the glittering realms of Las Vegas and Los Angeles. Oh, to live like a king on the backs of the hopeful! Another $3 million was squandered on designer attire-Gucci, Cartier, Rolex, and Hermès-all to dress the part of the crypto aristocrat.
To add to the farce, investigators noted that Palafox transferred at least $800,000 in cash and 100 Bitcoin to a family member. At the time, that Bitcoin was worth around $3.3 million. As part of his plea agreement-and what a delightful agreement it was-he has consented to pay $62.7 million in restitution, with whispers that victims may seek reimbursement through the Federal Bureau of Investigation.
Read More
- Adolescence’s Co-Creator Is Making A Lord Of The Flies Show. Everything We Know About The Book-To-Screen Adaptation
- My Favorite Coen Brothers Movie Is Probably Their Most Overlooked, And It’s The Only One That Has Won The Palme d’Or!
- Decoding Cause and Effect: AI Predicts Traffic with Human-Like Reasoning
- Games of December 2025. We end the year with two Japanese gems and an old-school platformer
- The Batman 2 Villain Update Backs Up DC Movie Rumor
- Will there be a Wicked 3? Wicked for Good stars have conflicting opinions
- Thieves steal $100,000 worth of Pokemon & sports cards from California store
- Hell Let Loose: Vietnam Gameplay Trailer Released
- Landman Recap: The Dream That Keeps Coming True
- Future Assassin’s Creed Games Could Have Multiple Protagonists, Says AC Shadows Dev
2026-02-13 18:32