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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.” 
<h2 id="span-style-font-weight-400-deutsche-bank-exec-pleads-guilty-span">Deutsche Bank Exec Pleads Guilty</h2> 
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 recently by the United States Department of Justice (DOJ), Russell pleaded guilty in connection with a scheme involving the operation of a fraudulent cryptocurrency investment fund.&nbsp; 
<h3 id="span-style-font-weight-400-maximum-sentence-of-30-years-span">Maximum Sentence of 30 Years</h3> 
This plea places the Deutsche Bank banker at risk of a maximum prison sentence of 30 years, as he played a significant role in a fraudulent cryptocurrency trading scheme by capitalizing on his established reputation as an investment banker and a licensed financial broker.&nbsp; 
During the period spanning from November 2020 to August 2022, he was found to have deceived 29 investors, resulting in financial losses totaling $1.5 million. He accomplished this by making false assurances that he could deliver guaranteed and exceptionally high returns on a series of cryptocurrency investments. 
<h2 id="span-style-font-weight-400-1-5m-duped-from-investors-span">$1.5M Duped from Investors</h2> 
In addition, the agency 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. 
<h3 id="span-style-font-weight-400-deutsche-bank-banker-also-involved-in-id-theft-span">Deutsche Bank Banker also Involved in ID Theft</h3> 
Apart from his involvement in the investment scheme, Russell has also confessed to his participation in a separate identity theft scheme. In this distinct scheme, he fraudulently procured credit cards and various devices by providing fabricated information. 
Meanwhile, in a recent report from Semafor, 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. <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/deutsche-bank-banker-pleads-guilty-to-crypto-fraud/">Deutsche Bank Banker Pleads Guilty to Crypto Fraud</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Deutsche Bank Banker Pleads Guilty to Crypto Fraud

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