Former Deutsche Bank Banker Pleads Guilty To Crypto Fraud Charges

09/20/2023

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A former Deutsche Bank investment banker has pleaded guilty to cryptocurrency fraud. He faces 30 years in prison and a fine of $1.5 million.

Rashawn Russell ran the fraudulent R3 Crypto Fund since 2020 and defrauded 29 investors of a total of $1.5 million. The U.S. Department of Justice previously found that Russell falsified documents and screenshots of the balance sheet in order to defraud investors. When one of the investors tried to withdraw the money, Russell sent him a fake screenshot showing that the funds had been transferred.

The investigation also revealed that Russell used the victims' money for personal gain, gambling, and to pay back early investors. In addition, Russell fraudulently obtained credit card information for the purpose of making illegal transactions, to which he also pleaded guilty.

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