David Kagel admitted to participating in a cryptocurrency Pyramid that defrauded victims of more than $9.5 million. 💸

- 85-year-old former lawyer Kagel and his partners promised high profits from the use of AI trading bots.

- They falsely claimed that Kagel, acting as the promoter's lawyer, was holding $11 million in Bitcoin in escrow to secure the investment.

- Kagel and his accomplices used the funds collected from the victims for their own interests.

- Kagel admitted to one count of conspiracy to commit commodity fraud and faces a maximum penalty of five years in prison.

- The State Bar of California disbarred Kagel in 2023 for alleged mismanagement of client funds and other actions.