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City National Bank, known as Hollywood's 'Bank to the Stars,' is facing allegations of complicity in a massive Ponzi scheme involving actor Zach Horwitz. A recent lawsuit claims that the bank aided Horwitz, who pleaded guilty to securities fraud and is currently serving a 20-year prison sentence for defrauding hundreds of investors of over $200 million. Horwitz went to prison in 2022. The lawsuit, detailed in a 154-page document, has raised significant concerns about the bank's accounting controls. Bank analyst Bert Ely expressed disbelief at the alleged lack of oversight.
David Kagel, an 85-year-old, recently-disbarred attorney who practiced law in Beverly Hills, pleaded guilty to one count of conspiracy to commit commodity fraud for his role in a $9.5 million cryptocurrency Ponzi scheme https://t.co/DwGccJIwL9 https://t.co/K62DArh4v4
Ex-Beverly Hills lawyer admits to role in $9.5 mln crypto Ponzi scheme https://t.co/vftfwb46Nu https://t.co/2sVm45J32Y
An 85-year-old, recently-disbarred California attorney faces up to five years in prison for his role in a $9.5 million cryptocurrency Ponzi scheme, federal prosecutors said https://t.co/DwGccJIwL9 @DaveThomas5150 https://t.co/hhwW1AdULc