Former Deutsche Bank Exec Sentenced to 41 Months in Prison for Crypto Fraud
Rashawn Russell, a former Deutsche Bank investment banker, was sentenced to 41 months in prison for wire fraud related to a cryptocurrency scheme and access device fraud.
Russell, who pleaded guilty in September, faced charges in Brooklyn’s Eastern New York District Court.
Russell operated the fraudulent R3 Crypto Fund between November 2020 and August 2022. He promised investors high returns from cryptocurrency investments but instead used their money for personal expenses or to repay other investors. He also falsely claimed to have reimbursed investors who requested their funds back.
Russell, a registered broker with the Financial Industry Regulatory Authority, was ordered to pay $1.5 million in restitution. Between September 2021 and June 2023, he also obtained 97 bank cards under 43 different identities for fraudulent activities.
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Russell’s sentencing is part of a wider effort to tackle cryptocurrency fraud. In April, computer security engineer Shakeeb Ahmed was sentenced to three years for flash loan attacks on crypto exchanges.
In May, brothers Anton and James Peraire-Bueno faced charges for manipulating the Ethereum blockchain, and Thomas John Sfraga pleaded guilty to wire fraud involving a fake crypto wallet scheme. Additionally, two individuals were arrested for laundering over $73 million from a crypto scam.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
