Ex-Deutsche Banker Faces Up to 30Y for Crypto Fraud

Rashawn
Russell, a former investment banker at Deutsche Bank and registered broker, has
pleaded guilty to multiple counts of fraud in a US federal court. He was
involved in a cryptocurrency investment scheme through his R3 Crypto Fund and a
separate identity theft racket. Russell could face up to 30 years in prison and
is ordered to pay more than $1.5 million in restitution.

Rashawn
Russell lured investors into his R3 Crypto Fund by promising lucrative and
sometimes guaranteed returns. He capitalized on the high investor interest in
the burgeoning cryptocurrency market. However, rather than investing the funds
as promised, Russell used the money for personal expenses, gambling, and to
repay earlier investors in a classic Ponzi scheme
Ponzi Scheme

A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and

A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and
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