Celsius

Bank AI

Bitcoin

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 <p>In April, Rashawn Russell, a registered broker aged 27, was taken into custody in Brooklyn, New York. This former investment banker from Deutsche Bank had been confronted with the possibility of a maximum 20-year prison sentence on charges of engaging in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> fraud. Initially, Russell had contested the allegations of defrauding investors. However, recent court records show a shift in his stance. Reports suggest that he may now be inclined to admit guilt in connection to the fraud charges.</p> 
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 <p>There have been an array of delays to allow Russell’s legal team to engage in negotiations for a plea agreement with the government. Now the case has been forwarded to a magistrate judge for a change of plea hearing. This signifies Russell’s intention to enter a guilty plea.</p> 
 <p><strong>Also Read: Former Celsius Executive Pleads Guilty to Criminal Charges</strong></p> 
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 <h4 class="wp-block-heading" id="h-what-did-this-former-deutsche-bank-employee-do">What did this former Deutsche Bank employee do?</h4> 
 <p>According to prosecutors, Russell assured clients that their funds would be invested in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>. He claimed he could generate returns surpassing 100%. However, it is alleged that he created counterfeit documents to falsely show significant liquidity. The government asserts that a significant portion of the funds obtained from investors by Russell was diverted for his personal gain. He also used it for gambling and repaying other investors.</p> 
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 <p>Furthermore, it should be noted that Russell also faced a lawsuit from the Commodity Futures Trading Commission [CFTC]. The agency accused him of misleading retail investors involved in a digital asset trading fund called the R3 Crypto Fund. The CFTC claimed that he accepted Bitcoin from investors. Following this, he unlawfully diverted about $1 million from customers during the period from November 2020 to July 2022.</p> 
 <p>Additionally, recent development coincides with Deutsche Bank’s choice to offer custody solutions to its institutional clients for their <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> and tokenized assets. Through this, Deutsche Bank will gain the capability to hold a select range of <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> and tokenized representations of conventional financial assets. </p> 
 <p><strong>Also Read: Deutsche Bank to Offer Bitcoin and Crypto Custody Services</strong></p> 
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<div class="cs-entry__tags">
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  <li>crypto</li>
  <li>cryptocurrency</li>
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/ex-deutsche-banker-to-admit-crypto-fraud-amid-bank-s-crypto-entry-tbt62868.html">https://thebittimes.com/ex-deutsche-banker-to-admit-crypto-fraud-amid-bank-s-crypto-entry-tbt62868.html</a></p>

Ex-Deutsche Banker To Admit Crypto Fraud Amid Bank’s Crypto Entry

TheBitTimes

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