An 86-year-old former California attorney, David Kagel, has been sentenced to five years of probation and ordered to pay nearly $14 million after admitting to conducting a multimillion-dollar Bitcoin Ponzi scheme.
In a judgment filed on October 8, Las Vegas federal court judge Gloria Navarro sentenced Kagel to one count of conspiracy to commit commodity fraud following his guilty plea in May. He is currently in hospice care at a senior facility in Las Vegas due to health issues. The man will serve his probation there unless he leaves, in which case he will be required to wear a monitoring device.
The news follows late August reports that at the time, the U.S. Securities and Exchange Commission charged two brothers for allegedly defrauding more than 80 investors for over a year in an alleged $60 million crypto Ponzi scheme. Still, crypto scams are rapidly evolving beyond simple Ponzi and pig butchering schemes, with recent reports indicating they are getting significantly more advanced…