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Home»HACKING NEWS»Former Deutsche Bank investment banker sentenced to up to 30 years in prison
HACKING NEWS

Former Deutsche Bank investment banker sentenced to up to 30 years in prison

By Crypto FlexsNovember 27, 20233 Mins Read
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Former Deutsche Bank investment banker sentenced to up to 30 years in prison
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  • Rashawn Russell, a former Deutsche Bank employee, was arrested in April 2023.
  • Russell is accused of causing losses of more than $1.5 million to at least 29 investors.
  • To orchestrate his scheme, Russell manipulated multiple documents and misled investors about the status of their investments.

Rashawn Russell, a former investment banker at Deutsche Bank, has been cleared of charges that he embezzled funds from investors lured by promises of significant profits through cryptocurrency trading, the U.S. Department of Justice has confirmed. Pleaded guilty. This news comes shortly after Deutsche Bank tapped Swiss cryptocurrency firm Taurus for cryptocurrency custody services.

The plea comes shortly after Russell was arrested last April for his involvement in a complex fraud scheme. He now faces the possibility of up to 30 years in prison, along with an obligation to repay investors more than $1.5 million.

Why was Rashawn Russell arrested?

U.S. Attorney Breon Peace issued the following statement:

“Russell orchestrated deception against trusting customers by leveraging the appeal of investors in the cryptocurrency market.” He also emphasized, “The speedy conviction in this case underlines our commitment to holding accountable those who engage in fraudulent activity within the digital asset sector.”

Details revealed at the plea hearing along with court records show that Russell, who previously worked as an investment banker and was registered as a broker with the Financial Industry Regulatory Authority from November 2020 to August 2022, played a pivotal role in the case. It happened. Complex fraud effort. He tricked investors into investing capital in his R3 cryptocurrency fund by providing false assurances, sometimes guaranteeing significant profits from the cryptocurrency ventures.

In reality, a significant portion of investors’ finances were diverted by Russell for personal enrichment, gambling, and repaying previous investors. At least 29 investors lost more than $1.5 million as a result of these scams.

Forgery of documents and misidentification of investors

As part of the fraud scheme, the Justice Department said in April, “Russell fabricated several documents and misled investors regarding the status of their investments.” At one point, Russell sent investors doctored images of bank statements purportedly taken from the bank’s website, falsely indicating that there was significant liquidity. In another example, when an investor attempted to withdraw his investment, Russell ignored the funds transfer and instead sent the investor a forged bank transfer confirmation, falsely offering to return capital.

Russell’s duplicitous scheme targeted “numerous individuals, including his friends, former college classmates, and former colleagues at financial institutions,” according to the April indictment, the specific identities of which were revealed to a grand jury.

Russell’s LinkedIn profile, which has since been deleted, revealed his work history at JP Morgan, Moody’s, and Deutsche Bank, where he began his career as a banking analyst in July 2018 and was ultimately promoted to associate in July 2020.


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