According to Odaily Planet Daily, David Kagel, a California lawyer whose license was revoked, admitted to planning a cryptocurrency Ponzi scheme that defrauded victims of more than $9.5 million. Kagel, 85, promised high returns through artificial intelligence trading robots and lied that he held $11 million in Bitcoin to ensure the safety of his investment. He used his lawyer status to gain trust and provided forged letters on company letterhead to support the false claims. Instead of investing, Kagel and his accomplices used the funds for personal gain. Kagel faces up to five years in prison, and sentencing is scheduled for September 10.