Aisha Adeleke
@aisha2
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908 Followers
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An 86-year-old former California attorney, David Kagel, has been ordered to pay almost $14 million after admitting to running a massive crypto Ponzi scheme. Kagel was sentenced to five years of probation by Las Vegas federal court judge Gloria Navarro, but considering his age and poor health, he'll serve his probation in hospice care. If he leaves the facility, he'll have to wear a monitoring device.
Kagel, along with two accomplices, David Saffron and Vincent Mazzotta, allegedly scammed investors out of approximately $15 million between December 2017 and June 2022 . They promised unusually high returns with no risk, using a fraudulent crypto bot trading scheme. Kagel used his law firm's letterhead to promote the scam, which helped build trust with victims.
The scheme guaranteed repayment of the principal investment, plus profits ranging from 20% to 100% within 30 days ¹. Kagel falsely claimed to have 1,000 Bitcoin, worth $11 million, held in escrow to secure investments. His law license was revoked in … 0 reply
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