86-year-old man admits to running a cryptocurrency Ponzi scheme and will pay 14 million dollars

ChainCatcher news, according to Cointelegraph, an 86-year-old former California lawyer was sentenced to five years of probation and ordered to pay nearly $14 million after admitting to running a multi-million dollar cryptocurrency Ponzi scheme.

On October 8, Las Vegas federal court Judge Gloria Navarro sentenced David Kagel to probation after he pleaded guilty to a conspiracy charge of commodity fraud in May.

Due to his poor health, Kagel is currently receiving hospice care at a senior facility in Las Vegas, where he will serve his probation unless he leaves, at which point he will be required to wear a monitoring device. Government prosecutors who charged Kagel last year stated that from December 2017 to around June 2022, David Kagel and two accomplices lured victims into investing in a fraudulent cryptocurrency trading scheme with promises of high returns and no risk.