Ex-Deutsche Banker Pleads Guilty over a $1.5 million Fake Crypto Scam
Former Deutsche Bank banker, Rashawn Russell, admits to a $1.5 million fake crypto scam, could face 30 years in jail.
A former banker from Deutsche Bank, Rashawn Russell, admitted to running a fake cryptocurrency scheme and might spend 30 years in jail.
The Department of Justice said on Sept. 19 that 27-year-old Russell ran a fake crypto fund called “R3 Crypto Fund.” From Nov. 2020 to Aug. 2022, he tricked 29 people and took $1.5 million from them. He lied about giving big profits from crypto investments and showed fake documents about the money they made.
Russell sent fake pictures of his bank balance to these people. Once, when someone wanted their investment back, he showed a fake money transfer but didn't send the money. Most of the money he took was not used for crypto. He used it for himself, gambling, and paying old investors.
He also admitted to another crime: stealing identities to get credit cards to use them wrongly. The judge said Russell must pay back the $1.5 million he took.
