CEO of ‘Textbook Ponzi’ Pleads Guilty in $200M Bitcoin Fraud Case
In brief Prosecutors said Palafox raised $201M by promising daily returns of up to 3%. At least $62.7M in losses were recorded, with funds spent on luxury goods and property. The real issue is fraudulent behavior, not the underlying technology, one observer said. The chief executive of Praetorian Group International, Ramil Ventura Palafox, pleaded guilty…
