Former Lawyer Admits Guilt in $9.5 Million Cryptocurrency Scam

David Kagel, an 85-year-old disbarred attorney from California, has confessed to his role in the Circle Society Ponzi scheme, which duped unsuspecting victims out of over $9.5 million. Along with his co-conspirators, Kagel enticed victims to invest in a fraudulent cryptocurrency program that promised substantial returns through the use of AI trading bots. To gain their trust, Kagel claimed to hold $11 million worth of Bitcoin in escrow, falsely guaranteeing the safety of their investments. The guilty plea marks a significant development in the ongoing investigation into this elaborate crypto scam.