Crypto

Scammer behind R3 Crypto Fund gets 41 months in prison

Scammer behind R3 Crypto Fund gets 41 months in prison

Rashawn Russell will also have to repay $1.5 million to his victims

Former Deutsche Bank executive Rashawn Russell was sentenced to 41 months in prison by an Eastern New York District Court on May 30 for his role in a cryptocurrency fraud scheme and a separate device fraud case. The former investment banker entered a guilty plea last September.

The Justice Department (DOJ) contended that Russell operated the R3 Crypto Fund from November 2020 to August 2022, which promised crypto investors huge returns that were often guaranteed. The reality was that Russell used those funds for personal gain and to repay other investors. He also falsely claimed that he transferred funds to investors who requested payment.

Russell was facing a maximum of up to 30 years for his crimes. The court also ordered him to pay $1.5 million in restitution to victims of his fraudulent activity.

Russell pled guilty in a separate case where he obtained 97 bank cards issued under 43 different identities between September 2021 and June 2023, which he planned to use to commit fraud.

Russell is the latest in a succession of crypto criminals sentenced to prison in recent months.Β  A Southern New York District Court sentenced computer security engineer Shakeeb Ahmed to three years behind bars and three years of supervised release on April 12 for his flash loan crypto exchange attacks in 2022.

On May 15, Anton Peraire-Bueno and his brother, James Pepaire-Bueno, were charged with conspiracy to commit money laundering and two counts of wire fraud for exploiting the Ethereum blockchain. Three days later, Thomas John Sfraga entered a guilty plea for wire fraud related to a fictitious crypto wallet and other fraud.

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