Techub News reported that Cointelegraph reported that Gloria Navarro, a federal court judge in Las Vegas, recently announced that David Kagel, an 86-year-old California resident, was convicted of conspiracy to commit commodities fraud for his involvement in a cryptocurrency Ponzi scheme. He was sentenced to five years of probation and ordered to pay nearly $14 million in compensation.

Government prosecutors said that from December 2017 to June 2022, Kagel and two accomplices lured victims to invest in a fraudulent cryptocurrency robot trading program with high returns and no risk promises. During this period, the three made at least about $15 million. The two accomplices, David Saffron and Vincent Mazzotta, have not pleaded guilty and will be tried in federal court in Los Angeles next April.