Former Deutsche Bank executive sentenced to 41 months in prison for cryptocurrency fraud

2024-05-31 08:28:38

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ChainCatcher news, according to Cointelegraph, former investment banker Rashawn Russell has been sentenced to 41 months in prison by the U.S. District Court for the Eastern District of New York in Brooklyn for a cryptocurrency fraud case and an unrelated access device fraud case. The former Deutsche Bank executive pleaded guilty to the charges in September.

According to the U.S. Department of Justice (DOJ), Rashawn Russell managed a fraudulent R3 cryptocurrency fund from November 2020 to August 2022. The fund promised to make cryptocurrency investments and pay high returns, sometimes even guaranteeing returns. In reality, Rashawn Russell used investors' money for personal benefit or to pay back other investors. He also falsely claimed to have sent money to investors and demanded repayment. Prosecutors charged Rashawn Russell with cryptocurrency-related offenses in April 2023. In September, he pleaded guilty to all charges.

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