Crypto Game
  • Advertise
  • Submit a Press Release
  • Contact Us
Blockchain & Cryptocurrencies Tabloid
  • Finance & Blockchain News
  • Bitcoin News

    Bitcoin Transactions Hit Lowest Level Since October 2023

    Bitcoin Transactions Hit Two-Year Low Despite Price Surge

    Bitcoin Transactions Plummet Amid Record Price Surge

    Bitcoin Transactions Hit Lowest Point Since October 2023

    Attorney Suggests Bitcoin Safer at $106K vs $25K

    Michael Saylor Signals Imminent Bitcoin Purchase for Strategy

  • Altcoin News
    • All
    • Bitcoin Cash
    • Cardano
    • EOS
    • Ethereum
    • Litecoin
    • Monero
    • Ripple
    • Stellar

    XRP Analysts Predict Bullish Breakout Amid Institutional Activity

    XRP Shows Bullish Signs Amid Analyst Predictions

    Analyst Predicts Bullish Reversal for XRP Prices

    Cetus Protocol Resumes Post-Exploit Operations with Compensation Plan

    Analyst Foresees U.S. Memecoin ETF by 2026

    Bloomberg Analyst Foresees Memecoin ETF Launch by 2026

    Trending Tags

    • Ethereum
    • Bitcoin Cash
    • Litecoin
    • Monero
    • Ripple
  • Crypto 101
    • All
    • Cryptocurrencies
    • Exchanges
    • Services
    • Wallets
    Benefits Of Choosing the Right AI Trading Bot

    4 Benefits Of Choosing the Right AI Trading Bot

    Crypto Trading

    A Beginner’s Guide to Crypto Trading: Unlocking the World of Digital Coins

    BitcoinGames.com

    BitcoinGames.com Introduces the Ultimate Casino Gaming Experience with Bitcoin

    How AI is Helping Athletes and Fans Get the Most out of the Game

    From Training to Judging, AI is Entering the Ring

    Top 5 Websites for Buying Gift Cards with Crypto

    Clutch Savours – Gift Certificates You Can Buy with Crypto

    Layer 2 Blockchains

    Everything You Need To Know About Layer 2 Blockchains

  • Blockchain Events
No Result
View All Result
Blockchain & Cryptocurrencies Tabloid
No Result
View All Result

SEC Charges Ramil Palafox for $198M Crypto Fraud Scheme

Solomon M. by Solomon M.
April 23, 2025
in Latest News
Key Takeaways:
  • Palafox charged in $198M fraud; SEC’s first under Chair Atkins.
  • 90,000 investors affected globally in Ponzi-like operation.
  • SEC seeks asset forfeiture and injunctive relief.
sec-charges-ramil-palafox-for-198m-crypto-fraud-scheme
SEC Charges Ramil Palafox for $198M Crypto Fraud Scheme

The case highlights the SEC’s rigorous approach to crypto fraud under new leadership, demonstrating its ongoing commitment to address such violations.

Ramil Palafox has been charged with conducting a $198 million crypto fraud through PGI Global. The fraud spanned January 2020 to October 2021, marking a significant event under SEC Chair Paul Atkins’s tenure.

Involved individuals include Palafox’s family, who are relief defendants. The SEC seeks asset returns, including luxury cars and goods bought with misappropriated funds.

The fraud impacted approximately 90,000 investors who were promised lucrative returns. Investor funds were misused for personal indulgences, impacting trust in crypto investments.

The case signals a crackdown on crypto fraud, potentially affecting crypto market dynamics and investor approaches, especially regarding trust and verification processes.

Palafox’s actions may lead to more stringent regulatory oversight, impacting how similar cases are handled. The SEC’s strategy underlines a shift in enforcing compliance and penalizing fraudulent activities.

This incident could prompt stricter regulations for similar platforms. Investor vigilance may increase, possibly influencing crypto market practices and the development of more secure trading platforms.

Scott Thompson, Associate Director of SEC’s Philadelphia Regional Office, stated:

“Palafox attracted investors with the allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading. But instead of trading, Palafox bought himself and his family cars, watches, and homes using millions of dollars of investor funds.”

Disclaimer:

The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.

Previous Post

Bitcoin Approaches $95K, Eyes Turn to Altcoins

Next Post

SEC Charges Ramil Palafox; $198M Crypto Scheme Alleged

Solomon M.

Solomon M.

Related Posts

U.S. Lawmakers Introduce CLARITY Act for Digital Assets

by Solomon M.
June 9, 2025

Lawmakers unveil CLARITY Act amendment impacting digital asset regulation in the U.S.

U.S. Lawmakers Propose CLARITY Act for Digital Asset Regulation

by Joshua T.
June 9, 2025

U.S. lawmakers propose the CLARITY Act to clarify digital asset regulation, impacting financial markets and technology firms.

US Lawmakers Propose CLARITY Act for Digital Assets

by Solomon M.
June 9, 2025

U.S. lawmakers present the CLARITY Act to redefine digital asset regulation, impacting market oversight and innovation.

U.S. Lawmakers Propose CLARITY Act for Digital Asset Regulation

by Solomon M.
June 9, 2025

U.S. introduces the CLARITY Act to enhance digital asset regulation, impacting industry standards.

U.S. Lawmakers Introduce CLARITY Act for Digital Assets

by Solomon M.
June 9, 2025

U.S. legislators propose CLARITY Act, seeking digital asset regulation enhancements. Vote set for June 10.

BiT Global Drops Lawsuit Against Coinbase Over wBTC Issue

by Solomon M.
June 9, 2025

BiT Global ends its lawsuit against Coinbase concerning the delisting of wBTC, agreeing to dismiss with each party covering their...

We Recommend

Top Rated Casinos
Bitstarz Casino

BitcoinCasino.io
Top Crypto Betting
1xBit.com
Top Rated Exchanges
Binance Exchange

Bityard.com
Top Advertising Services
Coinzilla Display Network
Top Crypto Wallets
Ledger Nano X

  • Terms and Conditions
  • Privacy Policy
  • Advertise
  • About Us
  • Contact Us

© 2018-2019 theccpress.com by Brantell Media.

No Result
View All Result
  • Finance & Blockchain News
  • Bitcoin News
  • Altcoin News
  • Crypto 101
  • Blockchain Events

© 2018 - 2019 theccpress.com, a Brantell Media project.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.