- The SEC says he spent $ 57 million in high -end products and houses.
- Iranians have been accused of operating the Dark web market.
- More than 400,000 orders using only cryptocurrency.
The US Securities and Exchange Commission (SEC) accused the US and the Philippines a double citizen, Ramil Palafox, and accused his company’s PGI Global for adjusting $ 118 million in cryptographic frauds.
The case emphasizes the continuous risk of decentralized financing, and investors continue to feed promising systems for the guaranteed profits of unvalidated cryptocurrency and Forex Ventures.
Palafox conducted global multi -level marketing operations from January 2020 to October 2021 from January 2020 to October 2021 before the plan was broken, and investors suffered significant losses.
SEC claims $ 57 million used for personal spending.
According to the SEC submission in the eastern Virginia, Palafox presented PGI Global as an AI -based encryption and foreign exchange trading platform.
However, the regulatory agency claims that there is no actual trading activity.
Instead, more than $ 57 million in investor funds have been shifted to purchase luxury goods and real estate for Palafox and his family.
Dissatisfaction with SEC pursues the return of permanent prohibition orders to prevent misused funds, civil punishment and Palafox from operating future plans.
The structure of the PGI Global reflected the structure of the classic Ponzi system, where the elderly investors paid profits using the capital of the new participants.
The company, which operates as an MLM business, has been expanded worldwide by providing recruitment -based commissions and false of Palafox as a skillful encryption expert.
Criminal litigation is expanded by DOJ participation.
In parallel with SEC’s civil complaints, the US lawyer office filed a criminal charges against Pala Ox.
The SEC press release has not been explained in detail, but the Ministry of Justice pursues the case in the federal court, which indicates the possibility of significant punishment, including imprisonment.
This procedure indicates another chapter of the US’s efforts to crack down on large -scale cryptocurrency fraud.
SEC’s actions are increasing concern about misuse of encryption platforms to cover fraud and to bypass traditional financial regulations.
Some executions focus on compliance with platform or token offering, but this case emphasizes the misuse of individual responsibility and investor trust.
Iranians were prosecuted in a separate dark web case.
In relevant development, the US Department of Justice prosecuted Iranian behrouz parsarad as operating a dark web marketplace called Nemesis.
The site handled more than 400,000 transactions between 2021 and 2024, mainly dealing with pentanil, other control materials, malware and theft financial data.
Parsarad also uses Cryptocurrency to wash profits from these sales to hide the origin of funds and operate only in digital assets.
NEMESIS prohibits all transactions with a feature call, effectively forced to use cryptocurrency to ensure anonymity.
If you are convicted, Pasarad is sentenced to a minimum imprisonment of 10 years and can be sentenced to life.
His prosecution follows a series of similar crackdowns, including the arrest of the FBI’s recent ANURAG Pramod Murarka for washing $ 24 million through Dark Web.
Continuous development associated with Palafox and Parsarad shows a wide order for US authorities to solve the use of financial fraud and the use of distributed technologies.
As the use of cryptocurrency expands across the border, regulators are strengthening enforcement to prevent abuse, improve investor protection, and bring more transparency to the ecosystem.