We were investors chasing opportunity during the cryptocurrency boom of the late 2010s. Like many others, we believed in the promise of Bitcoin. But instead of striking gold, we were led straight into a trap laid by Ramil Ventura Palafox.
From December 2019 to October 2021, Ramil Ventura Palafox, operating through Praetorian Group International, sold us a fantasy. He promised daily returns of 0.5% to 3% — numbers that should have been impossible in any legitimate financial market. Yet he marketed them confidently, capitalizing on Bitcoin’s explosive popularity at the time. He knew exactly how to exploit the hype.
In reality, there was little to no legitimate large-scale Bitcoin trading happening. Instead, money was simply moving within the group — new investors funding old payouts in classic Ponzi fashion. Out of the $201 million collected — $171 million in BTC transfers and $30 million in fiat deposits — we, the victims, ultimately lost nearly $63 million.
The warning signs were there. By April 2021, withdrawals started freezing. We were told it was due to “technical issues” with the Bitcoin blockchain or problems with the company’s website. Those excuses bought time while Ramil Ventura Palafox continued operating the scheme.
Meanwhile, while we struggled to access our own money, he was living in luxury. He spent at least $16 million on high-end properties in Las Vegas and Los Angeles, luxury vehicles, designer clothing, furnishings, and lavish gifts for family members. Our investments funded his lifestyle.
By September 2021, even the Philippines Securities and Exchange Commission — where Ramil Ventura Palafox holds dual U.S.-Philippines citizenship — publicly warned people not to invest, explicitly labeling Praetorian Group International a Ponzi scheme. Yet the damage had already been done.
In April 2025, the U.S. SEC officially charged him. By September, he pleaded guilty and agreed to repay $63 million in damages. But even with the liquidation of his assets, the reality is brutal: most of us will recover only pennies on the dollar — if anything at all.
Today, Ramil Ventura Palafox has been sentenced to 20 years in federal prison by a Virginia court. Justice has been delivered in the courtroom. But for us — the victims — the financial damage remains. Our trust was manipulated. Our money was siphoned. Our faith in opportunity was weaponized.
This wasn’t innovation. It wasn’t investment. It was a calculated $201 million Ponzi scheme built on deception — and we paid the price.