Bitcoin

Solana

Baby Doge Coin

Neiro Ethereum

In a striking case that underscores the perils of trust in the digital investment landscape, 86-year-old former California lawyer David Kagel has been sentenced to five years of probation and ordered to repay nearly $14 million for his role in a <a href="https://optimisus.com/news/crypto-news/former-alameda-to-hand-over-bulk-of-her-assets-to-settle-ftx-lawsuit/" rel="noopener noreferrer nofollow">crypto Ponzi scheme.</a>Kagel, who pleaded guilty to conspiracy to <a href="https://optimisus.com/news/crypto-news/founder-of-icomtech-sentenced-to-10-years-for-running-a-crypto-ponzi-scheme/" rel="noopener noreferrer nofollow">commit commodity fraud</a>, exploited his legal credentials to lure investors into a fraudulent crypto trading bot program that promised astonishing returns with minimal risk.Operating from December 2017 to June 2022, Kagel and his associates, David Saffron and Vincent Mazzotta, deceived victims into investing approximately $15 million, using official-looking documents and false claims of holding substantial crypto assets as bait. Many investors, swayed by Kagel&#39;s assurances and the allure of quick profits, fell victim to the elaborate scam, which ultimately turned out to be a facade.Despite Kagel&#39;s acceptance of responsibility, his partners have denied the charges and are set to face trial in April 2025, raising questions about accountability in the crypto space.This case not only highlights the risks associated with fraudulent investment schemes but also serves as a cautionary tale about the potential for abuse by trusted figures in the financial sector.As the legal proceedings unfold, the crypto community and affected investors remain vigilant, hoping for justice and greater safeguards against such deceitful practices in the future.

An 86-year-old ex-lawyer was sentenced to probation and ordered to repay $14M

Optimisus

Other articles published on Oct 11, 2024

NEIRO is the Next PEPE? Whales Increasing Holdings

Big Moves Coming? Top Analyst Shares Predictions for 4 Cryptocurrencies!

Stock Market: Luxury Takes A Dive, Is China Really Threatening Giants Like LVMH And Kering?

OSCE hosts workshop aimed at crypto regulation in Eastern Europe

Great Success from Elon Musk's Favorite Dogecoin (DOGE)! Significantly Outperformed SHIB and Othe...

Unofficial MicroStrategy Token MSTR2900 Surges 500% on Launch

Join our free newsletter for daily crypto updates!