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Written by Paul Odonogo, the first reporter

The US Securities and Stock Exchange Committee (SEC) accused Ramil Palafox, founder of Pgi Global, with a $ 198 million fraud plan.

According to the Supreme Education CouncilPalafox imposed more than $ 57 million of this money for personal use.

The complaint of the Supreme Education Council, which was submitted at the American Provincial Court of the Eastern Region in Virginia, claims that between January 2020 and October 2021, it promoted Palafox Pgi Global Encryption The foreign exchange trade company offers high and guaranteed returns through paid “membership” packages.

But the organizers say that the process was a Bonzi -like plan, using money from new investors to pay them earlier. The scheme collapsed in late 2021.

“I attracted investors with guaranteed profits of advanced encryption assets and foreign currency trading,” said Scott Thompson, Assistant Director of Philadelphia Regional Office in Philadelphia. “But instead of trading, Palafox bought himself, his family cars, watches and homes that use millions of dollars of investor money.”

International PGI accusations

The Supreme Education Council said that the Affox spent the investor’s money on Lamborghinis, luxury retail commodities, and other personal expenses. He also used multi -level marketing strategies to encourage members to employ new investors, and to help expand the plan.

“I used Palafox Star innovation,” said SEC. She said that he made false allegations about the experience of trading trading and the Acting Auto Trading Phase to hide an “international securities fraud.”

The complaint of the Supreme Education Council, which was submitted at the American Provincial Court of the Eastern Region in Virginia, is accused of violating the provisions of combating fraud and registration in federal securities laws.

SEC seeks to obtain permanent judicial orders to prevent Palafox from launching similar projects. It also follows the return of funds, benefits and alleged civil penalties.

In a parallel procedure, the US Prosecutor’s Office for the Eastern Region in Virginia presented criminal charges. Fox was called in the American boycott court.