ARLINGTON, Va. (DC News Now) -- A bitcoin trading firm's CEO pled guilty to wire fraud and money laundering on Tuesday, prosecutors said.

The U.S. Attorney's Office (USAO) for the Eastern District of Virginia said in a news release that 60-year-old Ramil Ventura Palafox defrauded more than 90,000 investors across the world.

Documents said that Palafox owned and operated Praetorian Group International (PGI). He "falsely claimed" that the company would conduct bitcoin trading, promising daily returns of 0.5 to 3%.

The USAO said that PGI was not trading at a scale that was capable of making these returns -- Palafox was instead paying investors back with their own money or with money from other investors.

Prosecutors said that at least 90,000 investors across the world put in more than $20

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