Crypto Blog
85-year-old former attorney David Kagel has admitted guilt in a conspiracy to operate a cryptocurrency Ponzi scheme, defrauding victims of over $9.5 million.
Principal Deputy Assistant Attorney General Nicole M. Argentieri stated that Kagel had exploited his attorney status to gain investors’ confidence and endorse false assertions regarding a cryptocurrency investment, which was a scam. She emphasized the severe consequences of lawyers lending legitimacy to fraudulent schemes, leading to significant losses for victims.
Kagel has also since admitted that he and his co-conspirators used victims’ funds for personal gain. Meanwhile, the legal drama continues, with David Gilbert Saffron of Australia and Vincent Anthony Mazzotta Jr. of Los Angeles awaiting their August 13 trial for their alleged roles in the same crypto Ponzi
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