Thursday December 26, 2024

Lawyer Pleads Guilty in $9.5M Crypto Ponzi Scheme — Faces 5 Years in Prison

Lawyer Pleads Guilty in $9.5M Crypto Ponzi Scheme — Faces 5 Years in Prison

by Bitcoin.com May 31, 2024 1 min read

(Originally posted on : Bitcoin News )

David Kagel, a disbarred California attorney, pleaded guilty to orchestrating a cryptocurrency Ponzi scheme that defrauded victims of over $9.5 million. Kagel, 85, promised high returns through artificial intelligence trading bots and falsely claimed to hold $11 million in bitcoin to secure investments. He used his attorney position to instill trust, providing fake letters on […]

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