Former Deutsche Bank exec sentenced to 41 months in prison for cryptocurrency fraud

Former Deutsche Bank executive Rashawn Russell was sentenced to 41 months in prison on May 31st in the Eastern District Court of New York in Brooklyn, on charges of cryptocurrency fraud and attempted bank card fraud. He pleaded guilty to these charges last September. According to the US Department of Justice, Russell operated the fraudulent R3 Crypto Fund between November 2020 and August 2022, promising cryptocurrency investments and high returns, but actually using investor funds for personal consumption or to repay other investors. In addition, from September 2021 to June 2023, Russell used at least 43 identities to obtain 97 bank cards, with the intention of engaging in fraudulent transactions. In addition to imprisonment, he was also ordered to pay $1.5 million in compensation to the victims. Russell's case is just one of many cryptocurrency fraud cases in recent months.