Tag: Bitcoin Wealth Management

Disbarred Attorney Pleads Guilty to Orchestrating $9.5 Million Cryptocurrency Ponzi Scheme

Court Cases Ben - May 29, 2024

Disbarred California attorney David Kagel, 85, has pleaded guilty to charges related to the crypto Ponzi scheme Circle Society that defrauded victims of more than $9.5 million. Kagel conspired with others to lure victims into a fraudulent crypto investment program promising high-yield profits through the use of AI trading bots. Kagel falsely claimed to hold Bitcoin worth approximately $11 million in escrow to instill trust, purportedly guaranteeing the victims' investments against any loss.

Another Crypto Indictment: US Prosecutors Charged Two Men for Operating $25M Crypto Ponzi Scheme!

Court Cases Allessandro - December 13, 2023

The U.S. Department of Justice announced that a new superseding indictment had been unsealed, charging an Australian national and a California resident in a crypto Ponzi scheme, leading to over $25 million in victim losses. David Gilbert Saffron, 51, from Australia, and Vincent Anthony Mazzotta Jr., 52, from Los Angeles, are accused of orchestrating a fraudulent operation, luring investors into various trading programs.

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