Former Deutsche Bank executive admits to involvement in a cryptocurrency fraud case and may face up to 30 years in prison

2023-09-20 14:09:33

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ChainCatcher news, according to a statement from the U.S. Department of Justice on September 19, former Deutsche Bank investment banker Rashawn Russell admitted to participating in the operation of a fraudulent cryptocurrency investment fund called "R3 Crypto Fund," and may face up to 30 years in prison.

Between November 2020 and August 2022, Russell exploited his reputation as an investment banker and licensed financial broker to promise guaranteed excessive returns through a series of cryptocurrency investments, defrauding 29 investors out of $1.5 million. The Department of Justice stated that Russell repeatedly lied to investors about their investments and fabricated multiple documents showing false information related to investor returns.

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Deutsche Bank cryptocurrency fraud

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