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A California lawyer who pleaded guilty to a $9.50 million crypto Ponzi scheme faces up to five years in prison
David Kagel, a California lawyer 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 make his investment safe. He used his attorney status to defraud trust by providing fake company letterhead letters to support the false claims. Kagel and his co-conspirators did not make investme...
2024-05-31 04:31:17
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