The SECURITIES AND EXCHANGE Commission (SEC) of the United States charged Ramil Palafox, a double American-Philippine national, to have orchestrated a cryptographic scam of 198 million dollars.
From January 2020 to October 2021, Palafox organized a Ponzi style program through his business, PGI Global, fraud of many investors.
SEC attacks a massive cryptography scam
According to the press release, the regulator claims that Palafox has raised around 198 million dollars in investors worldwide. He promised them substantial yields of crypto and exchange trade.
Nevertheless, the SEC relieves that Palafox abused more than $ 57 million in funds for personal purchases.
“As pretended in our complaint, Palafox attracted investors with the attraction of the guaranteed profits of Sophistiated Crypto Asset and exchange exchanges, but instead of negotiating, Palafox has bought itself as well as its family cars, watches and homes using millions of dollars in investor funds,” said the Deputy Director of the Regional Bureau The dry Scott Thompson.
In addition, the company worked with a marketing structure on several levels (MLM). Palafox attracted investors by claiming expertise in the cryptography sector and offering a commercial platform focused on artificial intelligence (AI). However, these two allegations proved to be fraudulent.
The regime finally collapsed in 2021, resulting in significant financial loss for investors.
“The complaint of the SEC, filed with the American district court of the Oriental District of Virginia, accuses Palafox of violation of anti-fraud and registration of federal securities laws,” the press release detailed.
The dry requires Palafox to make gains badly acquired and paid civil penalties. The regulator has also requested a permanent injunction to prevent Palafox from engaging in activities similar in the future. In addition, the American lawyer’s office has filed criminal charges.
Iranian national Iranian responsible for managing the dark web market
Meanwhile, in a separate case, a federal jury charged the Iranian national Behrouz Parsarad for having founded and operated a dark web market. According to the American Office for Public Affairs, the enemy market has facilitated illegal drug sale, including fentanyl and other controlled substances. The market was also involved in criminal activities such as theft of financial data and the distribution of malware.
Between 2021 and 2024, Nemesis processed more than 400,000 orders. In addition to drug trafficking, Parsarad is also accused of money laundering for using crypto to hide the product from illegal activities.
“Umesis users have not been authorized to carry out transactions in official currencies supported by the government,” the press release said.
The accused now risks a compulsory minimum sentence of 10 years in federal prison, with a maximum sentence of life if it was found guilty.
Previously, Beincrypto stressed that the FBI arrested Anurag Pramod Murarka for having turned over $ 24 million using the Dark Web. The cases highlight the intensification of the American government on the regulation of the cryptocurrency sector and the fight against cybercrime.
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