86-year-old man pleads guilty to running crypto Ponzi scheme, fined $14 million

BlockBeats news, October 9, an 86-year-old former California lawyer was sentenced to five years of probation and ordered to pay nearly $14 million in fines for admitting to running a multi-million dollar cryptocurrency Ponzi scheme.

David Kagel was sentenced in May after pleading guilty to one count of conspiracy to commit commodities fraud, according to a ruling filed by Las Vegas federal judge Gloria Navarro on October 8.

Due to poor health, Kagel is currently receiving hospice care at an elderly care facility in Las Vegas, where he will serve his full probation and will be required to wear a monitoring device unless he leaves the facility.

Government prosecutors charged Kagel last year, alleging that from December 2017 to around June 2022, Kagel and two accomplices lured victims to invest in a fake cryptocurrency robot trading program that promised high returns and no risk. （Cointelegraph）