Odaily Planet Daily News: David Kagel, a revoked California lawyer, 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 the investment. He used his lawyer status to gain trust and provided forged company letters to support 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. Accomplices David Gilbert Saffron and Vincent Anthony Mazzotta Jr. (News.bitcoin)
