Ex-Beverly Hills Attorney Faces $14M Restitution for $9.5M Crypto Ponzi Scheme
An 85-year-old disbarred Beverly Hills attorney has been ordered to pay $14 million in restitution for his role in a $9.5 million cryptocurrency Ponzi scheme.
On Monday, a U.S. judge ordered an 85-year-old disbarred attorney from California to pay $14 million in restitution for his involvement in a $9.5 million cryptocurrency Ponzi scheme. The attorney, David Kagel, who previously practiced law in Beverly Hills, admitted his guilt in May, pleading guilty to one count of conspiracy to commit fraud.
In the Las Vegas case, U.S. District Judge Gloria Navarro sentenced Kagel to five years of probation and heavy fines. The sentence emphasizes the gravity of Kagel’s role in the fraud, which exploited naïve investors.
Prosecutors revealed…
