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A federal judge has sentenced the architect of the PGI CEO $200M bitcoin ponzi scheme to 20 years in prison, closing a chapter in what prosecutors described as a sweeping international fraud that vacuumed up at least $200 million from more than 90,000 investors across the globe.

Ramil Ventura Palafox, the chief executive behind Praetorian Group International, pleaded guilty last year to wire fraud and money laundering. On Thursday, sentencing minutes confirmed he will serve 240 months behind bars, followed by three years of supervised release. He has also been ordered to pay $63 million in restitution.

The punishment lands squarely in the middle of a fierce courtroom tug-of-war — with prosecutors seeking more than 21 years and Palafox arguing that a decade would be sufficient given his health and age.

Prosecutors: “Meticulous Lies” Fueled by Greed

In a sentencing memorandum filed earlier this month, federal prosecutors said Palafox’s conduct was not a fleeting lapse in judgment but a calculated, years-long deception built on “meticulous lies” and driven by “unmitigated greed.” They recommended a sentence ranging from 262 to 327 months.

According to the indictment, Palafox — a dual U.S. and Philippines citizen residing in Las Vegas — owned and operated Praetorian Group International and served as its chairman, CEO and chief promoter. From December 2019 through October 2021, investors were told their money would be deployed in bitcoin trading strategies capable of generating steady daily profits.

Those profits, prosecutors said, were fiction.

PGI allegedly promised returns between 0.5% and 3% per day — figures that, compounded over time, would seem almost magical in the volatile cryptocurrency market. But authorities say PGI was not conducting bitcoin trading at the scale necessary to sustain such returns. Instead, investors were paid with their own funds or with money contributed by new participants — the hallmark of a classic Ponzi structure.

Luxury Lifestyle Funded by Investor Cash

While investors were led to believe their funds were multiplying in digital markets, prosecutors said Palafox used substantial sums to market the operation and bankroll an extravagant lifestyle.

According to the U.S. Attorney’s Office for the Eastern District of Virginia, the scheme helped finance Lamborghinis, Rolex watches and residences in Los Angeles and Las Vegas. The glossy façade — high-end cars, luxury homes, polished presentations — functioned like stage lighting, illuminating a business model that prosecutors say was fundamentally hollow.

At least 90,000 investors worldwide funneled more than $200 million into PGI during the nearly two-year span, authorities said.

Health Claims Rejected by Government

Palafox, 60, sought a 10-year prison term in his own sentencing memorandum, acknowledging the seriousness of his crimes but pointing to his heart condition and open-heart surgery in June 2025. He argued that his life expectancy should factor into the court’s decision.

Federal prosecutors pushed back.

They described him as “a highly capable individual with no major ongoing health conditions,” noting there had been no complications from the surgery and that he had not raised ongoing concerns during the presentence investigation.

“It is the government’s understanding that the defendant is otherwise healthy,” prosecutors wrote, disputing the claim that his medical status justified a sharply reduced sentence.

SEC Case Closed as Criminal Prosecution Advanced

The criminal case followed parallel civil and criminal actions brought in March and April by Virginia federal prosecutors and the U.S. Securities and Exchange Commission.

The SEC’s civil case was closed in May after U.S. District Judge Leonie M. Brinkema permitted the U.S. Department of Justice to intervene and stayed discovery in light of the criminal indictment.

Representatives for the parties did not respond to requests for comment Friday.

The government was represented by Alexandra Zoe Bedell, Jack Morgan and Annie Zanobini of the U.S. Attorney’s Office for the Eastern District of Virginia. Palafox was represented by Nate Wenstrup of the Federal Public Defender’s Office.

With the 20-year sentence now imposed, the courtroom chapter of the PGI CEO $200M bitcoin ponzi scheme may be nearing its end. For tens of thousands of investors who watched promised daily gains dissolve into staggering losses, the financial aftershocks are likely to linger far longer.