Thoughts Capital’s David Lee Kagel has been sentenced to 5 years probation.
The previous securities legislation legal professional may even should pay again $13.9 million in restitution.
Thoughts Capital was an MLM Ponzi scheme that collapsed in August 2021.
In his capability as an legal professional, Kagel assisted accomplices David Gilbert Saffron and Vince Anthony Mazzotta with laundering Thoughts Capital investor funds.
Kagel pled responsible to conspiracy to commit commodity fraud again in Could.
Within the lead as much as Kagel’s sentencing he underwent a sealed psychiatric analysis. The analysis was filed underneath seal as a part of Kagel’s October 1st sentencing memorandum.
Sentencing through judgment was handed down towards Kagel on October seventh.
Kagel is at the moment being held in a hospice care facility. Hospice care is usually for people affected by critical sickness who’re approaching finish of life.
Kagel has been restricted to his hospice care facility at some stage in his sentence. Whether or not Kagel might be topic to location monitoring is left to the discretion of his probation officer.
If Kagel doesn’t or can’t pay the ordered $13.9 million restitution quantity inside fifteen days from October seventh, curiosity kicks in in addition to a $2500 positive.
The result of the Thoughts Capital felony case towards Saffron and Mazzotta stays pending. The pair are scheduled for trial in April 2025.