Ramil Ventura Palafox, CEO of Praetorian Group International, has admitted to running a $200 million Ponzi scheme that defrauded 90,000 investors worldwide. The U.S. Department of Justice revealed that Palafox pleaded guilty to wire fraud and money laundering, acknowledging the scheme's operation from December 2019 to October 2021. PGI falsely promised daily returns of up to 3%, using new investments to pay earlier participants, leading to investor losses of at least $62,692,007. Palafox misappropriated funds for personal luxuries, including exotic cars and high-end retail purchases. He is scheduled for sentencing on February 10, 2026, and faces up to 40 years in prison. Palafox has agreed to restitution of the losses incurred by investors.