David Lee Kagel, 85, of Henderson, Nevada, United States is a disbarred lawyer who practiced law in Beverly Hills, California, USA. Aside from Beverly Hills, he has lived in different parts of California including Los Angeles, Apple Valley, Grand Terrace and San Bernardino.
Who is David Kagel?
As an attorney, Kagel abused his position to earn the trust of investors and to endorse false statements about a scam disguised as a cryptocurrency investment. He conspired to operate a cryptocurrency Ponzi scheme that defrauded victims of more than $9.5 million.
Among Kagel’s co-conspirators are Vincent Anthony Mazzotta Jr., 52, of Los Angeles and David Gilbert Saffron, 51, of Australia. Aside from promoting investment programs that falsely guaranteed high-yield profits, they also promised to use artificial intelligence trading bots to trade victims’ investments in cryptocurrency markets.
It was Kagel who provided letters to victims on his firm’s letterhead to create a false sense of security and trust. He and his co-conspirators used the victims’ funds for their own personal benefit.
Kagel’s law license was suspended in 1997 and in 2012. In 2023, the California Supreme Court revoked it after he failed to respond to disciplinary charges that he misappropriated $25,000 in client funds.
According to a court filing in October 2023, Kagel is receiving hospice care in a facility in Las Vegas, Nevada. On May 28, 2024, he pleaded guilty to one count of conspiracy to commit commodity fraud in federal court in Las Vegas.
On September 10, 2024, Kagel will be sentenced. He faces a maximum penalty of five years in prison.
CONAN Daily 