Connect with us
Active Currencies 14444
Market Cap $2,666,421,022,392.20
Bitcoin Share 50.59%
24h Market Cap Change $-0.20

Ex-Deutsche Bank investment banker pleads guilty to crypto fraud

2min Read

A former investment banker pleaded guilty to committing crypto investment fraud worth $1.5 million and identity theft.

crypto fraud

Share this article

  • The accused made $1.5 million through crypto fraud during November 2020- August 2022.
  • He could face up to 30 years in jail once sentenced.

On 10 September, the U.S. Department of Justice (DOJ) issued a statement about a former investment banker pleading guilty to committing a crypto investment fraud.

Rashawn Russell was an investment banker and registered broker who worked at the Deutsche Bank. As per the DoJ, he ran a fraudulent crypto investment scheme called the “R3 Crypto Fund.”

He scammed a total of 29 investors of $1.5 million during November 2020- August 2022. He could face up to 30 years in jail when he gets sentenced for crypto fraud.

Promising guaranteed and huge returns on crypto investments, Russell successfully conned these individuals for years. He also sent to his customers multiple fake documents that displayed incorrect information concerning investment returns. He even shared altered images of his bank balance with the investors.

Russell exploited the funds obtained from these investors for personal benefits, gambling, and repaying earlier investors.

Guilty to identity theft also…

Russell also pleaded guilty to his role in a separate identity theft scheme. During September 2021- June 2023, he fraudulently obtained more than fifteen credit cards and other devices using false information in the names of third parties. He was hoping to use them to carry out illicit and unauthorized transactions.

The authorities first charged Russell for crypto fraud earlier in April. Since then, additional charges have also surfaced. The judgement is finally out now.

In the ruling, U.S. Magistrate Judge Sanket Bulsara asked Russel to pay more than $1.5 million in restitution.

U.S. Attorney Breon Peace said,

The swift conviction in this case underscores this Office’s commitment to holding bad actors in the digital asset markets accountable.

The Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York, and the Department of Justice, Criminal Division, Fraud Section are handling the crypto fraud case on behalf of the government.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.