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.

By Jamie Crawley

Oct 27, 2022 at 11:06 a.m. UTC

Updated Oct 27, 2022 at 2:22 p.m. UTC

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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.

"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.

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