According to Odaily, Rashawn Russell, a former investment banker, has been sentenced to 41 months in prison by the Eastern District Court of Brooklyn, New York, for his involvement in a cryptocurrency fraud case and an unrelated device access fraud case. Russell, a former executive at Deutsche Bank, pleaded guilty to these charges in September.
The U.S. Department of Justice (DOJ) stated that Russell managed the fraudulent R3 cryptocurrency fund from November 2020 to August 2022. The fund promised to invest in cryptocurrencies and pay high returns, sometimes even guaranteeing returns. However, Russell used the investors' money for personal gain or to repay other investors. He also falsely claimed to have transferred money to investors, demanding repayment.
Russell was charged with cryptocurrency-related crimes by prosecutors in April 2023. In September, he pleaded guilty to all charges.