David Kagel pleads guilty to Mind Capital crim charge
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.
Ah yes, Mind Capital, yet another ponzi which was promoted by the Irish Youtube guru “Crypto Analyzer” (real name Gary Jeremiah Handley) who was also one of the biggest net winners in MTI.