Former investment banker and registered broker pleads guilty to cryptocurrency investment fraud
Rashawn Russell, 27, a former investment banker and registered broker, confessed in a Brooklyn federal court to committing fraud against his clients through the R3 Crypto Fund, a purported cryptocurrency investment venture he operated.
Furthermore, Russell also admitted his involvement in a distinct identity theft scam where he unlawfully obtained credit cards and other financial devices under the identities of unsuspecting individuals.
Monday’s plea, held before U.S. Magistrate Judge Sanket Bulsara, could result in a prison term of up to 30 years for Russell. As part of his plea deal, Russell has been mandated to compensate more than $1.5 million in restitution.