Cryptocurrency trading firm PGI Global UK was wound up by the high court and the official receiver appointed as liquidator of the company, the Insolvency Service said.
When the business was ordered to shut down on 13 September 2022, the court heard it was part of the Praetorian Group International Trading Inc, which was forced to close by the US authorities.
The Insolvency Service said investors were promised returns of up to 200%, but when these did not materialise, they were left unable to withdraw the funds invested as well.
The investigation found that PGI operated three bank accounts used to receive around £612,425 ($709,745, €708,067) from would-be investors between July 2020 and February 2021. The firm was incorporated in February 2020.
At least £195,000 was paid into personal accounts and £10,000 to a luxury department store, the Insolvency Service said.
PGI’s only director is Ramil Ventura Palafox who lives in the US and did not cooperate with the government agency’s investigation. As a result, the high court decided that closing the company was in the public interest.
Mark George, chief investigator at the Insolvency Service, said: “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.
“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 co-operate with a statutory enquiry and will wind up the company in the public interest.”
