10-28-2022, 08:23 AM
UK Court Winds Down Fraudulent Crypto Firm PGI Global
<p>The High Court in the UK has closed down PGI Global UK Ltd for running a <a href="https://www.financemagnates.com/cryptocurrency/three-onecoin-crypto-scam-associates-faced-a-german-court/" target="_blank">cryptocurrency trading scam</a> and defrauding investors. In addition, the Official Receiver appointed a liquidator for the process of shuttering.</p><p>The company's sole director, Ramil Ventura Palafox, who lives in the United States, did not cooperate with the UK's insolvency investigation. The company even failed to maintain adequate accounting records, comply with statutory obligations or provide transparency.</p><p>All of this pushed the court to decide in the public interest. </p><p>The company provided crypto trading packages, <a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_1" class="terms__secondary-term">blockchain</a> education and health products. However, two of its former Directors provided conflicting activities in the company's trading activity.</p><p>The British company was a part of Praetorian Group International Trading Inc, which has already been shuttered by the United States authorities.</p><p>A Too Good to Be True Scheme</p><p>The announcement of the UK government's press office detailed that the investors of PCI were promised returns of up to 200 percent. The company was exposed when investors could not withdraw their invested funds after it had failed to generate the <a href="https://www.financemagnates.com/fintech/investing/german-fintech-raisin-hits-25bn-aum-in-savings-products/" target="_blank">promised returns</a>.</p><p>The UK authorities identified three bank accounts operated by PCI that received about £612,425 from potential investors between July 2020 and February 2021.</p><p>The funds stored in those accounts were also <a href="https://www.financemagnates.com/forex/ctax-pool-and-introducing-broker-to-pay-over-23-million-for-fraud/" target="_blank">misappropriated</a>: at least £195,000 was paid into personal accounts, whereas a payment of £10,000 was made to a luxury departmental store.</p><p>"Individuals and businesses that operate under the protections afforded by limited liability are, as a consequence, required to comply with the requirements of the Companies Act," said UK Insolvency Service's Chief Investigator, Mark George.</p><p>"This case highlights that where we have reasonable concerns about the trading practices of a company, the court will take a dim view of any failure to cooperate with a statutory enquiry and will wind up the company in the public interest."</p>
This article was written by Arnab Shome at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...gi-global/
<p>The High Court in the UK has closed down PGI Global UK Ltd for running a <a href="https://www.financemagnates.com/cryptocurrency/three-onecoin-crypto-scam-associates-faced-a-german-court/" target="_blank">cryptocurrency trading scam</a> and defrauding investors. In addition, the Official Receiver appointed a liquidator for the process of shuttering.</p><p>The company's sole director, Ramil Ventura Palafox, who lives in the United States, did not cooperate with the UK's insolvency investigation. The company even failed to maintain adequate accounting records, comply with statutory obligations or provide transparency.</p><p>All of this pushed the court to decide in the public interest. </p><p>The company provided crypto trading packages, <a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_1" class="terms__secondary-term">blockchain</a> education and health products. However, two of its former Directors provided conflicting activities in the company's trading activity.</p><p>The British company was a part of Praetorian Group International Trading Inc, which has already been shuttered by the United States authorities.</p><p>A Too Good to Be True Scheme</p><p>The announcement of the UK government's press office detailed that the investors of PCI were promised returns of up to 200 percent. The company was exposed when investors could not withdraw their invested funds after it had failed to generate the <a href="https://www.financemagnates.com/fintech/investing/german-fintech-raisin-hits-25bn-aum-in-savings-products/" target="_blank">promised returns</a>.</p><p>The UK authorities identified three bank accounts operated by PCI that received about £612,425 from potential investors between July 2020 and February 2021.</p><p>The funds stored in those accounts were also <a href="https://www.financemagnates.com/forex/ctax-pool-and-introducing-broker-to-pay-over-23-million-for-fraud/" target="_blank">misappropriated</a>: at least £195,000 was paid into personal accounts, whereas a payment of £10,000 was made to a luxury departmental store.</p><p>"Individuals and businesses that operate under the protections afforded by limited liability are, as a consequence, required to comply with the requirements of the Companies Act," said UK Insolvency Service's Chief Investigator, Mark George.</p><p>"This case highlights that where we have reasonable concerns about the trading practices of a company, the court will take a dim view of any failure to cooperate with a statutory enquiry and will wind up the company in the public interest."</p>
This article was written by Arnab Shome at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...gi-global/