PGI Global CEO handed 20-year sentence for $200 million bitcoin, forex Ponzi scheme

A U.S. federal court sentenced the CEO of PGI Global to 20 years in prison after finding he orchestrated a $200 million Bitcoin- and forex-based Ponzi scheme that defrauded tens of thousands of investors worldwide ^[1][2].

Prosecutors said the operation promised daily returns and paid earlier investors with funds from new investors rather than from legitimate trading, while siphoning millions for personal use; reporting places the scheme’s core activity between 2019 and 2021 ^[1][3].

Publishers reporting on the case say the fraud affected large numbers of people — one account put losses to investors at least $62.7 million and more than 90,000 participants, within an alleged $200 million scheme ^[3][2].

Authorities say funds intended for bitcoin and foreign-exchange trading were instead used to reward earlier investors and for the defendant’s personal benefit, resulting in significant investor losses and a lengthy federal prison term ^[1][3].