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The SEC has sued the founder of PGI Global for allegedly defrauding $198 million in encryption assets.
Gate.io News bot message, the SEC has filed a lawsuit against PGI Global founder Ramil Palafox in the Eastern District Court of Virginia. According to the lawsuit documents, Palafox raised approximately $198 million through a "membership" package and multi-level marketing model from January 2020 to October 2021.
The investigation showed that Palafox misappropriated over $57 million to purchase Lamborghinis, luxury goods, and cover personal expenses. The remaining funds were used in a Ponzi scheme to pay investor returns and referral rewards, which ultimately collapsed at the end of 2021.
The SEC has charged Palafox with violations of anti-fraud and registration provisions, requesting the court to issue a permanent injunction, a restraining order, and to recover illegal gains and civil penalties. The SEC has also filed criminal charges against the relevant parties.
Source: Wu Shuo