A former investment banker and registered broker, Rashawn Russell, has been charged with defrauding numerous investors by promising profits on fake cryptocurrency investments and misappropriating the funds received to finance his lifestyle. Russell allegedly convinced multiple investors to reinvest their fiat savings into cryptocurrencies, promising significant or "guaranteed" returns, but misappropriated their money to fund his personal lifestyle, according to court documents. Russell allegedly fabricated documents to mislead unwary investors about the status of their crypto investments, altering an image of a bank's website to depict fake balances and bank wire transfer confirmations. If convicted, Russell could face a maximum of 20 years in prison.
(By ARIJIT SARKAR)
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