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As per the recent developments, Rashawn Russell, a former banker from a German banking giant, Deutsche Bank, has <a href="https://twitter.com/innercitypress/status/1704248644445036698?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1704248644445036698%7Ctwgr%5E29f658ef18559c9be3ce1455e6a94097ffa3855d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fex-deutsche-bank-banker-pleads-guilty-r3-crypto-fund-scheme" rel="noopener noreferrer nofollow">entered</a> a guilty plea in connection with his investment fraud, referred to as the “R3 Crypto Fund.” 
In an <a href="https://www.justice.gov/usao-edny/pr/former-investment-banker-and-registered-broker-pleads-guilty-cryptocurrency-investment" rel="noopener noreferrer nofollow">announcement</a> issued on September 19 by the United States Department of Justice (DOJ), Russell pleaded guilty for his alleged involvement in a scheme linked to the operation of a fraudulent cryptocurrency investment fund.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 CRYPTO CRIMES CONTINUED: Former Deutsche Bank investment banker Rashawn Russell, who had denied defrauding investors in a <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptocurrency</a> fraud, today pled guilty in # EDNY. He was indicted in April &amp; accused of duping investors by promising “guaranteed returns.” <a href="https://t.co/Da0gYrbqqV" rel="noopener noreferrer nofollow">pic.twitter.com/Da0gYrbqqV</a> 
 — Inner City Press (@innercitypress) <a href="https://twitter.com/innercitypress/status/1704248644445036698?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 19, 2023</a> 
</blockquote> 
This plea places him at risk of a maximum prison sentence of 30 years, as he reportedly played a major role in a fraud crypto trading scheme by using his established reputation as an investment banker and a licensed financial broker.&nbsp; 
<h2 id="span-style-font-weight-400-banker-scammed-29-investors-span">Banker Scammed 29 Investors</h2> 
It is important to note that between November 2020 to August 2022, Russell was found to have deceived 29 investors, resulting in financial losses totaling $1.5 million. He accomplished this by making false promises of delivering guaranteed and exceptionally high returns on a series of cryptocurrency investments. 
In addition, the DOJ revealed that the majority of the $1.5 million acquired from his victims was not actually invested in cryptocurrency assets and rather used for his personal gain, gambling activities, and to repay earlier investors involved in the scheme. 
<h2 id="span-style-font-weight-400-russell-involved-in-multiple-fraud-schemes-span">Russell involved in Multiple Fraud Schemes</h2> 
Apart from his role in the fraud investment scheme, Russell has also confessed to his participation in a separate identity theft scheme. In this separate scheme, he fraudulently procured credit cards and various devices by providing fabricated information. 
The prosecution found that the banker manipulated images of his bank balance to deceive his investors. Interestingly, on a separate occasion, when an investor tried to withdraw their crypto funds, Russell failed to send the funds and instead sent a fabricated money transfer confirmation to the victim. 
Meanwhile, as TheCoinRise reported, it has come to light that <a href="https://thecoinrise.com/us-doj-contemplating-fraud-charges-against-binance/" rel="noopener noreferrer nofollow">the U.S. department of Justice (DOJ)</a> is considering the possibility of filing fraud charges against Binance. However, federal prosecutors are apprehensive that bringing charges against Binance might trigger a domino effect similar to what occurred with FTX.&nbsp; 
<a href="https://thecoinrise.com/doj-says-bankman-fried-went-beyond-his-constitutional-right/" rel="noopener noreferrer nofollow">Regarding the former CEO of FTX</a>, Sam Bankman-Fried (SBF), the Department of Justice (DoJ) clarified that the billionaire’s actions&nbsp; “went beyond benignly exercising a constitutional right to speak to the press.” 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/ex-deutsche-bank-investment-banker-pleads-guilty-in-r3-crypto-fund-fraud/">Ex-Deutsche Bank Investment Banker Pleads Guilty in ‘R3 Crypto Fund’ Fraud</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Ex-Deutsche Bank Investment Banker Pleads Guilty in ‘R3 Crypto Fund’ Fraud

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