An 86-year-old former California attorney has been sentenced to five years probation and ordered to pay nearly $14 million for orchestrating a multimillion-dollar crypto Ponzi scheme. David Kagel, currently in hospice care in Las Vegas, pleaded guilty to conspiracy to commit commodity fraud. Along with two accomplices, Kagel enticed victims to invest in a fake crypto bot trading scheme, raking in around $15 million. Using his law firm's letterhead, Kagel sent letters to victims to promote the scam, creating a false sense of trust. The scheme promised high returns with no risk, guaranteeing a profit of 20% to 100% within 30 days. Kagel's law license was revoked in 2023 for mishandling client funds. His accomplices, David Saffron and Vincent Mazzotta, are awaiting trial. This case highlights the dangers of fraudulent crypto schemes and the importance of due diligence in investments. Read more AI-generated news on: https://app.chaingpt.org/news