The United Kingdom’s High Court shut down cryptocurrency trading firm PGI Global UK Ltd on September 13, citing the company’s failure to cooperate with an investigation by the United Kingdom’s government agency The Insolvency Service.
According to a press release issued by The Insolvency Service on Thursday (Oct. 27), an official receiver has been appointed as the company’s liquidator.
“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,” The Insolvency Service Chief Investigator Mark George said in the release.
“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,” George said of PGI.
According to the press release, the firm is part of Praetorian Group International Trading, a company whose website has been seized by the US Departments of Justice and Treasury.
PGI promised investors up to 200% returns, received approximately 612,425 pounds sterling (approximately $709,549) between July 2020 and February 2021, and then did not allow investors to withdraw their funds when the returns did not materialize, according to the release.
In related news, the Justice Department in the United States has put a team of prosecutors in charge of its crypto investigations and prosecutions.
The establishment of the Digital Asset Coordinator (DAC) Network on September 16 was announced in a report that stated the United States Department of Justice intends to coordinate crypto investigations by more than a dozen law enforcement teams from the top with a group of specially trained prosecutors.
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