In a ruling in a federal court in Las Vegas, an 86-year-old former California lawyer David Kagel was sentenced to five years of probation and ordered to pay nearly $14 million after admitting to operating a cryptocurrency Ponzi scheme. From December 2017 to around June 2022, Kagel and two accomplices lured victims to participate in a fake cryptocurrency robot trading program, promising high returns and no risk, and obtained at least approximately $15 million in victim investor funds for various cryptocurrency trading programs. Kagel's other two accomplices have pleaded not guilty and will await trial in a federal court in Los Angeles next April. (Cointelegraph)