🚨Crypto News Alert!🚨 David Kagel, an 85-year-old former attorney, has pleaded guilty to orchestrating a crypto Ponzi scheme, defrauding victims of a whopping $9.5 million! 😱

Once a respected legal figure in Beverly Hills, Kagel now faces a potential five-year prison sentence. The scheme involved luring victims into a bogus crypto investment scheme, promising high-yield profits. The plot thickens with claims of artificial intelligence trading bots managing investments in crypto markets. 🤖💰

The scheme's promoter falsely assured victims that Kagel, acting as the promoter’s attorney, was holding Bitcoin worth about $11 million in escrow. This was a so-called guarantee to protect victims’ investments from losses. Kagel even provided letters on his law firm’s letterhead to falsely confirm the legitimacy of the investment programs. 😮

Principal Deputy Assistant Attorney General Nicole M. Argentieri stated that Kagel exploited his attorney status to endorse false assertions about a cryptocurrency investment, which turned out to be a scam. Kagel's sentencing is scheduled for September 10.

Meanwhile, the saga 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 scheme.

Stay tuned, folks! The world of crypto is always full of surprises! 🌍🚀