A former investment banker and registered broker at Deutsche Bank, Rashawn Russell, has pleaded guilty to defrauding investors in a fraudulent cryptocurrency fund. The U.S. Department of Justice announced that Russell participated in a scheme to defraud clients of the R3 Crypto Fund, which he operated. He now faces up to 30 years in prison and is required to pay restitution of over $1.5 million.
According to the U.S. Attorney’s Office for the Eastern District of New York, Russell used investor interest in cryptocurrency markets to deceive clients who trusted him. He falsely promised them large and sometimes guaranteed returns on their investments. However, instead of using the funds for cryptocurrency investments, he misappropriated the investors’ assets for his personal benefit, gambling, and repaying earlier investors. This scheme resulted in at least 29 investors losing a total of $1.5 million. In addition to the cryptocurrency fraud, Russell also pleaded guilty for his involvement in an identity theft scheme.
#DeutscheBank #cryptocurrency #fraud #investmentbanker #R3CryptoFund #USJusticedepartment #prison #restitution #investors
Keywords: Deutsche Bank, investment banker, cryptocurrency fund, fraudulent scheme, guilty plea, prison sentence, restitution, investor fraud, identity theft, financial fraud.
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