PANews reported on February 15 that, according to News.bitcoin, a US judge sentenced 61-year-old Ramil Ventura Palafox, founder of Praetorian Group International (PGI), to 20 years in prison for orchestrating a global Ponzi scheme that defrauded more than 90,000 investors of over $201 million.

Palafox, who holds dual US and Filipino citizenship, served as Chairman and CEO of PGI and touted the company as a Bitcoin trading giant. Palafox attracted investors by promising daily returns ranging from 0.5% to 3%. However, PGI's Bitcoin trading volume was far from sufficient to generate such high profits; instead, it recycled investor funds to pay out returns to early participants.