PGI’s Fake Profits and Luxury Spending

[nihalsari]

PGI’s online investor portal showed fake Bitcoin gains, keeping confidence high as the scheme collapsed. Prosecutors revealed Palafox spent:

~$3M on 20 luxury vehicles

~$329K on penthouses

~$6M on residential properties

~$3M on designer clothes, jewelry, and home furnishings
He even transferred 100 BTC and $800K to family members. The scheme unraveled in mid-2021, ending with massive losses for investors.

[lingriiddd]

20 luxury cars, penthouses, designer clothes… imagine stealing millions and living like that

[JanEmil]

Standard scam.