A U.S. judge sentenced 61-year-old Ramil Ventura Palafox, founder of Praetorian Group International (PGI), to 20 years in prison for orchestrating a global Ponzi scheme that defrauded over 90,000 investors of more than $201 million. Palafox, a dual U.S. and Filipino citizen, served as PGI's chairman and CEO, touting the company as a Bitcoin trading giant. He attracted investors by promising daily returns ranging from 0.5% to 3%. However, PGI's Bitcoin trading volume was far from sufficient to generate such high profits; instead, it recycled investor funds to pay out returns to early participants. (News.bitcoin)