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Securities and Exchange Commission v. Palafox et al
Case Number:
1:25-cv-00681
Court:
Nature of Suit:
Judge:
Government Agencies
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September 17, 2025
Crypto Exec Cops To $200M Bitcoin Ponzi Scheme
The chief executive officer of a cryptocurrency trading company pled guilty on Tuesday in Virginia federal court to a $200 million Ponzi scheme that federal prosecutors said defrauded more than 90,000 investors worldwide and allowed the executive to buy luxury vehicles, clothing and homes worth several million dollars.
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April 22, 2025
Feds Say Crypto Exec Spent Investors' $57M On Lamborghinis
The U.S. Securities and Exchange Commission and Virginia federal prosecutors have launched parallel cases against the founder of a cryptocurrency trading company, alleging that he misappropriated over $57 million of investor funds after orchestrating a type of multilevel-marketing scheme that brought in about $200 million to the company.