🔔 Scandalous news! 85-year-old lawyer David Kagel admitted to participating in a cryptocurrency Ponzi scheme that defrauded victims of more than $9.5 million. Kagel and his partners promised high profits and the use of AI trading bots, misleading investors.

📝 Kagel used his position as an attorney to gain the trust of investors and support false claims about purported cryptocurrency investments. He admitted one count of conspiracy to commit commodity fraud and faces a maximum sentence of five years.

💼 David Gilbert Saffron from Australia and Vincent Anthony Mazzotta Jr. from Los Angeles are also accused of participating in the scheme. They allegedly promoted these fraudulent investment programs under the names Circle Society, Bitcoin Wealth Management, Omicron Trust, Mind Capital and Cloud9Capital.

👇 What do you think about this? Share your thoughts in the comments!