PGI CEO Pleads Guilty After $200M Bitcoin Ponzi Scheme Collapses, 90K Investors Left Reeling

TLDR: PGI collected over $201M through Bitcoin and cash between 2019 and 2021 before collapsing. Victims are set to receive $62.7M in restitution, though most losses may never be recovered. Palafox spent millions on luxury cars, homes, and jewelry using investor funds. The DOJ secured a guilty plea that could lead to decades in prison [...]

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