David Lee Kagel has pled guilty to Mind Capital criminal charges.

Kagel was originally scheduled to plead guilty on May 13th but
fainted on the way to his hearing
. The court rescheduled for May 28th, on which Kagel’s plea agreement was file.

Mind Capital
was an AI trading bot MLM crypto Ponzi that
collapsed
in December 2020.

Kagel, a disbarred attorney who claimed to specialize in securities law,
assisted
David Gilbert Saffron and Vincent Anthony Mazzotta Jr. with running Mind Capital.

Kagel’s plea agreement sees him waive his right to indictment by a grand jury. He has pled guilty to one count of conspiracy to commit wire fraud.

Defendant admits that defendant is, in fact, guilty of the offense to which defendant is agreeing to plead guilty.

On the penalty side of things, Kagel is facing up to five years in prison and a $250,000 fine, or penalty equal to twice Kagel’s “gross gain” through Mind Capital.

At the time of Kagel’s plea deal restitution has been estimated at $13.5 million. This amount is subject to change pending Kagel’s sentencing.

Pending scheduling of his sentencing, Kagel was released on personal recognizance bond on May 28th.

Update 11th October 2024 – 
David Kagel was
sentenced to five years probation
on October 7th, 2024.

🤖 Quick Answer

Who is David Kagel and what charges did he face?
David Lee Kagel is a disbarred attorney specializing in securities law who assisted in operating Mind Capital, an AI trading bot MLM crypto Ponzi scheme. He pleaded guilty to one count of conspiracy to commit wire fraud, waiving his right to grand jury indictment.

What was Mind Capital and when did it collapse?
Mind Capital was an artificial intelligence trading bot multilevel marketing cryptocurrency Ponzi scheme that collapsed in December 2020. The operation was run by Kagel alongside David Gilbert Saffron and Vincent Anthony Mazzotta Jr.

What happened during Kagel's court appearance in May?
David Kagel was originally scheduled to plead guilty on May 13th but fainted while traveling to his hearing. The court subsequently rescheduled the proceeding to May 28th, when his plea agreement was

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