A Ponzi scheme known as Praetorian Group has been shut down in the UK, following an investigation by the US Department of Justice (DoJ) and a 2021 warning by the Securities and Exchange Commission (SEC) of the Philippines.
Praetorian Group International Trading Inc (PGI) calls itself a network marketing company that sells crypto trading packages, blockchain education, and physical health products. It claims to have offices in the US, Singapore, Estonia, and the Philippines. Crypto exchanges BitMEX and BitBuy are used to handle trades.
On Thursday, the UK High Court shut down PGI’s UK branch for failing to cooperate in its unregistered securities investigation and for failing to produce records. The Official Receiver has been appointed liquidator.
UK investors said they were unable to withdraw their funds after promised returns of 200% never materialized. Three bank accounts tied to PGI received over £600,000 ($700,000) from investors between July 2020 and February 2021. That account was used to pay £10,000 ($11,500) to a luxury department store and sent around £200,000 ($231,000) to personal accounts.
The SEC Philippines called PGI a Ponzi scheme back in 2021. Its chief executive officer and founder is Filipino MLM marketer and registered nurse Ramil Ventura (RV) Palafox, who grew up in the US. He claims to have lived there for over forty years.
The US has also taken action against PGI. PGI’s website was…
