Former Deutsche Bank executive sentenced to 41 months in prison for cryptocurrency fraud
2024-05-30 22:23:21
Rashawn Russell, a former Deutsche Bank executive, was sentenced to 41 months in prison on May 31 in the Eastern District of New York District Court in Brooklyn on charges including cryptocurrency fraud and bank card fraudulent intent. He pleaded guilty to the charges last September. According to the Department of Justice, Russell operated the fraudulent R3 Crypto Fund between November 2020 and August 2022, promising to make cryptocurrency investments and pay high returns, but actually using investor funds for personal consumption or to repay other investors. Additionally, from September 2021 to June 2023, Russell used at least 43 identities to obtain 97 bank cards with intent to conduct fraudulent transactions. In addition to the jail term, he was also sentenced to pay $1.50 million in restitution to the victims. Russell's case is just one of many cases of cryptocurrency fraud in recent months.
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