{"id":59705,"date":"2023-09-20T02:55:34","date_gmt":"2023-09-20T06:55:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=59705"},"modified":"2023-09-20T08:49:39","modified_gmt":"2023-09-20T12:49:39","slug":"former-deutsche-bank-exec-admits-role-in-r3-crypto-fund","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/former-deutsche-bank-exec-admits-role-in-r3-crypto-fund\/","title":{"rendered":"Former Deutsche Bank Exec Admits Role in \u2018R3 Crypto Fund\u2019"},"content":{"rendered":"\n

For his part in the fraudulent cryptocurrency trading<\/a> operation, Rashawn Russell faces up to 30 years in prison.<\/p>\n\n\n\n

\"Former<\/figure>\n\n\n\n

An ex-investment banker at Deutsche Bank, previously charged earlier this year in connection with a fraudulent cryptocurrency trading scheme, has admitted guilt in committing investment fraud.<\/p>\n\n\n\n

He potentially faces a maximum prison sentence of 30 years.<\/p>\n\n\n\n

According to a statement released by the Department of Justice\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> on September 19, Rashawn Russell, aged 27, confessed to his involvement in a scheme where he operated a deceptive cryptocurrency investment fund known as the “R3 Crypto Fund.”<\/p>\n\n\n\n

Between November 2020 and August 2022, Russell deceived 29 investors, totaling $1.5 million, by exploiting his status as an investment banker and licensed financial broker, falsely promising substantial, guaranteed returns on a series of cryptocurrency investments.<\/p>\n\n\n\n

\n

CRYPTO CRIMES CONTINUED: Former Deutsche Bank investment banker Rashawn Russell, who had denied defrauding investors in a #cryptocurrency<\/use><\/svg><\/span><\/a> fraud, today pled guilty in # EDNY. He was indicted in April & accused of duping investors by promising \u201cguaranteed returns.\u201d pic.twitter.com\/Da0gYrbqqV<\/use><\/svg><\/span><\/a><\/p>— Inner City Press (@innercitypress) September 19, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

The Department of Justice revealed that Russell repeatedly provided false information to investors about their investments, fabricating multiple documents that contained inaccurate data concerning their returns.<\/p>\n\n\n\n

Russell also sent manipulated images of his bank balance to his investors.<\/p>\n\n\n\n

On one occasion, instead of transferring the promised funds to an investor cashing in on their cryptocurrency investments, he sent a fake confirmation of a money transfer.<\/p>\n\n\n\n

Prosecutors determined that most of the $1.5 million acquired from victims did not go toward investing in cryptocurrency assets<\/a>.<\/p>\n\n\n\n

Instead, Russell misappropriated these funds for personal use, gambling, and repaying previous investors involved in the scheme.<\/p>\n\n\n\n

In addition to his involvement in the investment scheme, Russell pleaded guilty to his role in a separate identity theft scheme, wherein he fraudulently acquired credit cards and other items using false information.<\/p>\n\n\n\n

The Department of Justice noted that Russell had obtained these identity documents to utilize them for illegal and unauthorized transactions.<\/p>\n\n\n\n

Upon sentencing, Russell could face a maximum prison term of 30 years for his crimes.<\/p>\n\n\n\n

United States Magistrate Judge Sanket J. Bulsara has ruled that he must also pay over $1.5 million in restitution.<\/p>\n","protected":false},"excerpt":{"rendered":"

For his part in the fraudulent cryptocurrency trading operation, Rashawn Russell faces up to 30 years in prison. An ex-investment banker at Deutsche Bank, previously charged earlier this year in connection with a fraudulent cryptocurrency trading scheme, has admitted guilt in committing investment fraud. He potentially faces a maximum prison sentence of 30 years. According […]<\/p>\n","protected":false},"author":56,"featured_media":59715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,11476],"tags":[376,4637,1135,1502,12490],"class_list":["post-59705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-hacks-and-scams","tag-cryptocurrencies","tag-deutsche-bank","tag-fraud","tag-regulation","tag-scams-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/2022-0126-federal-courthouse-kgb-1b.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=59705"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/59715"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=59705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=59705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=59705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}