PGI CEO Admits $200M Bitcoin Ponzi Scheme

Ramil Ventura, the 60-year-old dual citizen of the United States and Philippines, admitted to operating Praetorian Group International (PGI) as a sophisticated Ponzi scheme from December 2019 to October 2021. According to Department of Justice documents, Ventura lured investors with promises of extraordinary returns through Bitcoin trading, specifically guaranteeing daily profits ranging from 0.5% to 3%. The scheme collected over $201 million from more than 90,000 victims globally, comprising approximately $30 million in cash and 8,000 Bitcoin valued at about $171 million at the time.

Rather than engaging in legitimate Bitcoin trading operations capable of generating such returns, Ventura operated a classic Ponzi structure, using new investor funds to pay returns to earlier participants. To maintain the illusion of profitability, he developed an elaborate online portal that displayed fabricated account balances and fake gains throughout 2020 and 2021. This digital deception convinced investors their funds were growing safely, when in reality the scheme was systematically collapsing. When the operation finally unraveled, investigators determined actual losses exceeded $62.6 million.

The Department of Justice investigation uncovered that Ventura systematically misappropriated investor funds to finance an extravagant personal lifestyle designed to reinforce the scheme’s credibility. Court documents reveal he spent approximately $3 million acquiring 20 luxury vehicles from premium brands including Porsche, Lamborghini, Ferrari, Bentley, and McLaren. These conspicuous purchases served dual purposes: personal enrichment and creating the appearance of legitimate success to attract additional investors.

Ventura’s spending spree extended beyond automotive luxury. He allocated $329,000 for extended penthouse stays at luxury hotels and invested over $6 million in four residential properties across Las Vegas and Los Angeles. Additionally, he expended roughly $3 million on designer clothing, jewelry, watches, and home furnishings from luxury retailers including Gucci, Cartier, Rolex, and Hermes. The DOJ also identified that Ventura transferred at least $800,000 in cash and 100 Bitcoin (valued at $3.3 million at the time) to a family member, further diverting victim funds.

Ventura’s guilty plea marks a significant development in one of the largest cryptocurrency fraud cases prosecuted by the Department of Justice. Under the terms of his plea agreement, he must repay more than $62.6 million to the scheme’s victims, representing the verified losses from the collapsed operation. His sentencing is scheduled for February 3, 2026, where he faces a maximum penalty of 40 years imprisonment, though legal experts anticipate a reduced sentence following his cooperation and guilty plea.

This case underscores the ongoing challenges regulators face in combating cryptocurrency-related fraud and highlights the vulnerability of investors attracted by promises of extraordinary returns. The PGI scheme exemplifies how traditional financial fraud mechanisms have adapted to exploit growing interest in digital assets, particularly Bitcoin. The Department of Justice’s successful prosecution demonstrates increased regulatory scrutiny and enforcement capability in the cryptocurrency space, serving as a warning to potential fraudsters and a reminder to investors about the importance of thorough due diligence.