U.S. Department
of Justice
United States v. David Saffron
Pending Criminal Division Cases
United States v. David Saffron
Court Docket: 2:22-cr-276 (C.D. California)
United States v. David Kagel
Court Docket: 2:23-cr-313 (C.D. California)
Court Assigned: These cases are assigned to U.S. District Judge Dale S. Fischer, First Street Courthouse, 350 West 1st Street, Courtroom 7D, Los Angeles, CA 90012-4565.
Latest updates:
On August 14, 2023, the Court revoked the order of pretrial release for defendant David Saffron and ordered defendant Saffron detained and committed for confinement in a corrections facility until the conclusion of trial.
A status hearing for defendant David Saffron is scheduled for December 11, 2023 at 8:30 a.m. (PST) before Judge Dale S. Fischer, First Street Courthouse, 350 West 1st Street, Courtroom 7D, Los Angeles, CA 90012-4565. The trial for defendant Saffron is continued to August 13, 2024.
An initial hearing and arraignment for defendant David Kagel is scheduled for September 6, 2023 at 1:00 p.m. (PDT) via video conference before the duty Magistrate Judge at the Roybal Federal Building and United States Courthouse, Courtroom 880, 8th Floor, 25 E. Temple Street, Los Angeles, California.
On June 28, 2023, David Kagel, was charged by Criminal Information in the Central District of California with one count of conspiracy to commit commodity fraud. The United States charged that defendant Kagel conspired with David Saffron and others to commit commodity fraud.
Government Attorney Conferral Session: The prosecution team is offering crime victims the opportunity to attend a Conferral Session with the government attorney(s) assigned to the cases listed above. Participants may submit in advance written questions and comments. The Conferral Session will be available via video viewing on Webex or via audio-listen-only mode through a telephone dial-in line. The government attorney(s) will provide a status update and will address relevant questions and comments that are submitted in advance and in writing. The Conferral Session will be held on October 11, 2023 at 4:00 p.m. EDT.
All questions and comments must be submitted in advance and in writing in order to be addressed at the Conferral Session. Advanced, written submission will ensure victims’ privacy and allow adequate time for the preparation of responses. To submit a written question or comment, please send an email to Victimassistance.fraud@usdoj.gov no later than October 4, 2023.
Conferral Session Access Instructions: Send an email to Victimassistance.fraud@usdoj.gov or call the Victim Assistance Line toll-free at (888) 549-3945 to request access instructions for the Webex video or the telephone dial-in number for the Conferral Session.
Case Overviews:
On June 28, 2022, the Department announced criminal charges against David Gilbert Saffron, the operator of Circle Society Corp., for his alleged involvement in a fraudulent Ponzi scheme that purportedly traded on cryptocurrency exchanges.
On June 28, 2022 defendant David Saffron was indicted in the Central District of California with one count of conspiracy to commit wire fraud, four counts of wire fraud, one count of conspiracy to commit commodity fraud, and one count of obstruction of justice. He was the owner of Circle Society, a cryptocurrency investment platform. Saffron used Circle Society to solicit investors to participate in an unregistered commodity pool, which is a fund that combines investors’ contributions to trade on the futures and commodity markets. As alleged in the indictment, Saffron falsely represented to investors that he traded investors’ funds to earn profits using a trading bot that could execute over 17,000 transactions per hour on various cryptocurrency exchanges. Saffron falsely represented that his trading bot would generate between 500% to 600% returns on the amount invested. To entice investors to invest, Saffron allegedly led investor meetings at luxury homes in the Hollywood Hills and elsewhere, and traveled with a team of armed security guards in order to create the false appearance of wealth and success. In total, Saffron fraudulently raised approximately $15 million from investors.
On June 28, 2023 defendant David Kagel was charged by Criminal Information in the Central District of California with one count of conspiracy to commit commodity fraud. The United States alleged that Kagel conspired with David Saffron and others to carry out a scheme to defraud in connection with the sale of Bitcoin, a commodity in interstate commerce. On the same day, a plea agreement signed by the parties was filed with the Court.
For more information about United States v. Saffron, please see below:
For more information about United States v. Kagel, please see below:
Victim Impact Statement: If you would like to submit a Victim Impact Statement you may do so by mailing the Victim Impact Statement below to: Victim Witness Unit, U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, Room 453, Washington, DC 20530-0001. You also may submit the Victim Impact Statement via email at VictimAssistance.fraud@usdoj.gov or by fax at: (202) 514-3708.
The information on this website will be updated as new developments arise in the case. If you have any questions, please call the Victim Assistance Line toll-free at (888) 549-3945 or email us at VictimAssistance.fraud@usdoj.gov.
Presumption of Innocence: It is important to keep in mind that an indictment contains allegations only, and that defendants are presumed innocent until proven guilty. That presumption requires both the court and our office to take certain steps to ensure that justice is served.
Crime Victims’ Rights Act and Right to Retain Counsel: The Crime Victims’ Rights Act (18 U.S.C. § 3771) applies only to victims of the counts charged in federal court, and thus individuals may not be able to exercise all of these rights if the crime of which the individual is a victim was not charged. Section 3771(c)(2) of this Act requires that we advise you that you have the right to retain counsel. Although the statute specifically sets forth your right to seek advice of an attorney with regard to your rights under the statute, there is no requirement that you retain counsel. The Government may not recommend any specific counsel, nor can the government (or the court) pay for counsel to represent you. Government attorneys represent the United States.
If you elect to obtain counsel to represent your interests, please have your attorney notify this office in writing at: U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, 4th Floor, Washington, DC 20530-0001, Attention: Victim Witness Unit; fax: (202) 514-3708; or email: VictimAssistance.fraud@usdoj.gov. If you elect not to retain counsel to represent your interests, you do not need to do anything.
Plea Agreements: Please be aware that many criminal cases are resolved by plea agreement between the Department of Justice and the defendant. If you want to inform the prosecutor of your views regarding the plea agreement, or any other aspect of the case, please call the Victim Assistance Line toll-free at (888) 549-3945 or email us at VictimAssistance.fraud@usdoj.gov, and we will put you in touch with the prosecutor.