Reported 3 days ago
Ramil Palafox, the CEO of Praetorian Group International, has pleaded guilty to wire fraud and money laundering, admitting to running a Ponzi scheme that defrauded over 90,000 investors of more than $201 million. Despite promising daily returns, Palafox misled investors while using funds to purchase luxury cars, homes, and lavish goods, leading to an estimated investor loss of $62.6 million. He faces up to 40 years in prison, with sentencing set for February next year.
Source: YAHOO