A California lawyer who pleaded guilty to a $9.50 million crypto Ponzi scheme faces up to five years in prison
2024-05-31 04:31:17
David Kagel, a California attorney with a suspended license, has pleaded guilty to orchestrating a cryptocurrency Ponzi scheme that defrauded victims of more than $9.5 million. Kagel, 85, promised high returns through artificial intelligence trading robots and lied about holding $11 million in bitcoin to secure his investment. He used his attorney status to defraud trust by providing fake company letterhead letters to support false claims. Instead of making investments, Kagel and his co-conspirators used the funds for personal gain. Kagel faces up to five years in prison, with a sentencing date set for Sept. 10. Co-conspirators David Gilbert Saffron and Vincent Anthony Mazzotta Jr.
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