This case comes against the backdrop of an ongoing crackdown on fraudulent activities related to digital assets by U.S. prosecutors and regulators.
Former Deutsche Bank Investment Banker Faces up to 30 Years in Prison for Crypto FraudSource:
Pexels A former investment banker from Deutsche Bank, Rashawn Russell, has pleaded guilty to charges of misappropriating funds from investors.
He will be sentenced to 30 years in prison and must pay restitution of more than $1.5 million.
United States Attorney Breon Peace said that Russell leveraged investor interest in cryptocurrency markets to perpetrate a scheme and defraud clients who trusted him.
Russell managed to lure prospective investors with claims of being a licensed broker with a background in investment banking.
However, it appears that Russell’s actions were far from trustworthy as he siphoned off some of the invested funds into a trading account and diverted the rest to personal expenses and gambling.
To cover his tracks, he even sent fabricated documentation to investors, falsely portraying the performance
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