Former investment banker at Deutsche Bank confesses to committing fraud involving cryptocurrencies.

trader

A trader who used to work at Deutsche Bank in Washington.  

According to the US Justice Department, a person who works in finance and was accused in April of taking money from investors by enticing them with the prospect of high profits from trading cryptocurrency, admitted guilt on Tuesday.

According to the Justice Department, Rashawn Russell could potentially serve a maximum of 30 years in prison upon sentencing. Additionally, as a condition of his plea deal, he will be obligated to compensate over $1.5 million in restitution.

According to United States Attorney Breon Peace, Russell used the growing interest in cryptocurrency markets to carry out a fraudulent scheme, betraying the trust of his clients.

From July 2018 to November 2021, Mr. Russell worked as an investment banker at a financial institution that was not named in his indictment. On his LinkedIn profile, he indicated that he joined Deutsche Bank as an investment banking analyst in July 2018 and was later promoted to associate in July 2020.

Mr. Russell informed potential investors that he was an authorized broker in the field of investment banking and could assist them in earning significant and potentially guaranteed profits from R3, a cryptocurrency fund which he purportedly managed.

According to federal prosecutors, Mr. Russell allegedly moved a portion of the funds into a trading account but misappropriated the rest. He also reportedly provided false documents to investors regarding the status of their money. The accused allegedly sought investments from acquaintances but instead used the funds for activities such as gambling and personal expenses.

Authorities in the United States have been actively trying to combat fraudulent activities related to digital currencies.

In April, when Mr. Russell was accused, Deutsche Bank stated that they would not provide any comments on the ongoing legal investigation. However, they do regularly assist law enforcement and regulatory actions, and will properly respond and cooperate with authorized inquiries and proceedings.

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