Core Viewpoint - Ramil Palafox, CEO of Praetorian Group International (PGI), pled guilty to wire fraud and money laundering, operating a Ponzi scheme that defrauded over 90,000 investors, resulting in significant financial losses [1][4]. Group 1: Company Operations - PGI claimed to conduct Bitcoin trading and promised daily returns of 0.5%-3%, which were unsustainable given the firm's modest operations [2]. - The firm misled investors through a fraudulent website that falsely indicated their investments were growing during 2020-21 [3]. Group 2: Financial Impact - More than $201 million was invested in PGI from December 2019 to October 2021, with investors losing at least $62.6 million due to the scam [4]. - Palafox misappropriated funds for personal luxury expenditures, including approximately $3 million on luxury vehicles and over $6 million on homes [6]. Group 3: Legal Consequences - Palafox faces a potential sentence of up to 40 years in prison and is required to pay restitution of $62.6 million as part of his plea agreement [8].

The SEC is dropping its 16-year-old case against an executive convicted of aiding R. Allen Stanford’s $7 billion Ponzi scheme after former President Biden cut short his prison term https://t.co/Mk7hjsbb0M ...

2013 HBS MBA Vladimir Artamonov has been arrested and indicted in federal court on fraud and other charges Vladimir Artamonov, a 2013 graduate of Harvard Business School, has been indicted in federal court for allegedly defrauding classmates and other investors out of more than $4 million, according to reports in multiple news outlets. Artamonov was arrested earlier this week in Elkridge, Maryland, and charged with securities fraud, wire fraud, and investment adviser fraud in the U.S. District Court f ...

A Harvard Business School graduate was arrested Thursday on fraud charges alleging he swindled fellow alumni of the prestigious school out of over $4 million in a Ponzi scheme, even assuring one investor they would soon “brag” about their “crazy gains” at the school’s reunion.Vladimir Artamonov, 46, was taken into custody in Elkridge, Maryland, where he lived, and was charged with securities, wire and investment adviser fraud for allegedly carrying out the scheme from September 2021 through February 2024.An ...

Bitcoin trading firm CEO pleads guilty to $200 million Ponzi scheme, faces up to 40 years in prison https://t.co/a55KxElapK ...

Ramil Ventura Palafox, the chief executive of a bitcoin investment and multi-level marketing firm, has pleaded guilty to wire fraud and money laundering. According to federal authorities, he orchestrated a Ponzi scheme that defrauded more than 90,000 global investors. The 60-year-old dual citizen of the United States and the Philippines admitted in federal court that he used Praetorian Group International (PGI) to lure investors with false promises of daily profits. Between December 2019 and October 2021 ...

CEO of ‘Textbook Ponzi’ Pleads Guilty in $200M Bitcoin Fraud Case► https://t.co/8wJUWrGcEW https://t.co/8wJUWrGcEW ...

Trump wants to change the reporting process of American companies and corporationsUnpopular take but the stock market is a massive Ponzi scheme that makes crypto look sane.Crypto is truly for the people.HIGHER https://t.co/ma1cbkZBoJ ...

Core Insights - First Northwest Bancorp has appointed Curt Queyrouze as CEO, effective September 17, following the resignation of Matthew Deines amid legal issues related to a Ponzi scheme [2][3][10] - The bank is currently facing allegations of abetting a $200 million Ponzi scheme orchestrated by one of its borrowers, Water Station [7][12] - Queyrouze brings extensive experience, having previously served as president of Coastal Financial and CEO of TAB Bank [2][10] Company Background - First Northwest Bancorp is the holding company for First Fed Bank, with total assets of $2.2 billion [2] - The bank reported a $9 million loss for the quarter ending March 31, which included a legal reserve of $5.8 million in anticipation of a settlement [4] - The bank settled a lawsuit with Water Station investors for an amount between $2.87 million and $5.74 million, without admitting wrongdoing [3][4] Leadership Transition - Curt Queyrouze was selected after a comprehensive search process, praised for his performance and community dedication [5][10] - Geraldine Bullard, who served as interim CEO, will return to her role as executive vice president and COO [10] Legal and Regulatory Issues - First Northwest intends to dispute allegations made by 352 Capital, a hedge fund that filed a $106 million lawsuit against the bank [4] - The Ponzi scheme involved Water Station raising over $200 million from investors, with many promised machines allegedly not existing [12]

A Texas man who ran a cryptocurrency Ponzi scheme has been denied bankruptcy protection, leaving him personally liable for more than $12.5 million in debts. On Aug. 1, the Bankruptcy Court for the Southern District of Texas entered a default judgment against Nathan Fuller, who owned Privvy Investments LLC. Fuller used the crypto investment company to divert investor funds into luxury goods, gambling trips, and even a nearly $1 million home for his ex-wife, according to court filings. Fraud in plain sight ...