David Kagel, 85, a former attorney in California, pleaded guilty to charges related to operating a fraudulent crypto scheme, according to a release from the U.S. Department of Justice.

Kagel was disbarred from the State Bar of California a year ago. However, he purportedly used his reputation as a lawyer to add legitimacy to a "cryptocurrency Ponzi scheme" on behalf of his co-conspirator, the DOJ said. The scheme defrauded investors out of more than $9.5 million worth of funds.

Kagel and the co-conspirator promoted a fraudulent crypto endeavor, misrepresenting to victims that it could earn them immense profits. Kagel acted as the co-conspirator's attorney, telling victims the co-conspirator held $11 million worth of bitcoin that could recuperate any potential losses and even used his …