A former Deutsche Bank executive appears to have operated a fraudulent “crypto fund,” according to a New York indictment. 

On Tuesday, authorities in New York indicted Rashawn Russell, a former FINRA-registered broker and investment banker, for wire fraud. 

Russell allegedly made false promises to clients of his R3 Crypto Fund between November 2020 and August 2022. 

Lawyers for the Eastern District of New York filed the indictment on April 6. It alleges that Russell falsely promised guaranteed returns and misrepresented his investment banking and broker credentials. Furthermore, he reportedly used the investors’ assets for his personal benefit. Including gambling and repaying other investors rather than using the funds for cryptocurrency investments.

He allegedly encouraged investors to “roll over” or reinvest their investments and promised to return their principal investment regardless of actual performance.

A Fraudulent Crypto Fund

According to the indictment, the former investment banker also misled investors by fabricating documents to make them believe their investments were secure. In one instance, Russell allegedly sent an investor a screenshot of a falsified bank balance. The screenshot showed a balance of approximately $355,000. However, in reality, the real balance was ten times smaller. Russell also allegedly falsified wire transfers when investors asked for their funds back.

A New York-based LinkedIn profile for a Rashawn Russell shows that he worked as an investment banking associate at Deutsche Bank.

In a US context, an indictment is a formal accusation that an individu

Go to Source to See Full Article
Author: Josh Adams

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details