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Crypto Trading Firm PGI Dissolved in UK After Alleged Scam
The firm was dissolved by the U.K. High Court and the Official Receiver has been appointed as liquidator.
PGI Global U.K. has been shut down after allegedly scamming would-be investors of around 612,425 pounds (US$709,000) between July 2020 and February 2021.
The firm was dissolved by the U.K. High Court and an Official Receiver has been appointed as liquidator, according to an announcement on the U.K Government's website on Thursday.
STORY CONTINUES BELOW
"Investors were promised returns of up to 200%," the U.K. government said. "But when these did not materialize, investors were unable to withdraw the funds they had invested."
Closure of the company was regarded as a matter of public interest, given PGI's lack of cooperation, failure to maintain and deliver adequate accounting records, failure to comply with statutory obligations and lacking transparency.
PGI is part of Praetorian Group International Trading, which was shut down by the U.S. Department of Justice and the U.S. Treasury.
Read more: Crypto Ponzi Schemes: How to Identify and Protect Yourself From These Scams
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
