Ex-Deutsche Bank investment banker pleads guilty to crypto fraud

20/9/2023 12:28

        The U.S. Justice Department said, a former Deutsche Bank investment banker, who was charged in April with misappropriating funds from investors he wooed with promises of big returns from cryptocurrency trading, pleaded guilty on Tuesday.
        
        The U.S. Justice Department said in a statement, Rashawn Russell faces up to 30 years in prison when sentenced. As part of his plea agreement, Russell will be required to pay restitution in the amount of more than $1.5 million.
        
        Russell was an investment banker from July 2018 through November 2021 at a financial institution that was not identified in his indictment. His LinkedIn profile stated that he became a Deutsche Bank investment banking analyst in July 2018 and was promoted to associate in July 2020.
        
        Russell told prospective investors that he was a licensed broker who worked in investment banking and could help them earn large and sometimes guaranteed returns from R3, a cryptocurrency fund he claimed to run.