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A US judge on Monday ordered an 85-year-old, recently disbarred California attorney to pay $14 million in restitution for his role in a $9.5 million cryptocurrency Ponzi scheme.
David Kagel, who practised law in Beverly Hills, pleaded guilty to one count of conspiracy toward the fraud in May.
U.S. District Judge Gloria Navarro in Las Vegas sentenced Kagel to five years of probation in addition to fines.
According to prosecutors, Kagel helped promote the crypto Ponzi scheme by drafting letters on his law firm’s letterhead. The letters were then sent to victims, creating a “false sense of security and trust