David Kagel, an 85-year-old disbarred attorney on hospice care, has pled guilty to a $9.5 million cryptocurrency Ponzi scheme. He deceived investors by promising high returns through fraudulent crypto investments. This case adds to the growing list of legal actions against fraudulent activities in the crypto sector.
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David Kagel orchestrated a Ponzi scheme from 2019 to 2021, where he solicited investments in a fake cryptocurrency venture, promising high returns. He used new investors' funds to pay off earlier investors, creating the illusion of a profitable enterprise. His fraudulent activities were uncovered, leading to his arrest and subsequent guilty plea.
Attorney David Kagel has admitted guilt in running a $9.5 million cryptocurrency Ponzi scheme. From 2019 to 2021, he solicited investments with false promises of high returns and used funds from new investors to pay off earlier ones. The FBI and SEC investigated the case, leading to his arrest and guilty plea to one count of wire fraud. This case underscores the importance of vigilance and regulatory oversight in the cryptocurrency market.
