Rashawn Russell, a former investment banker and registered broker who worked for Deutsche Bank, has pleaded guilty to charges relating to investment fraud. The United States Department of Justice (DOJ) announced that Russell will pay restitution of more than $1.5 million as part of the plea deal and could be jailed for up to 30 years upon sentencing.Russell operated a cryptocurrency investment fund called R3 Crypto Fund between November 2020 and August 2022, which promised to help investors get handsome rewards for their crypto investments. However, the 27-year-old former investment banker allegedly misappropriated users’ assets, using the money gathered to repay older investors and also for personal use and gambling. He was also involved in an identity theft scheme between September 2021 and June 2023 by fraudulently acquiring credit cards and access to other devices using the names of third parties to carry out unauthorized transactions.Deutsche Bank was not accused of any wrongdoing and did not offer any comment following Russell’s arrest, but the German financial institution pledged to cooperate with law enforcement during its investigations. The investment bank recently partnered with Swiss startup Taurus to offer digital asset custody and tokenization services to clients.

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Information	Details
Geography	Europe
Countries	🇺🇸 🇨🇭 🇩🇪
Sentiment	negative
Relevance Score	9
People	Rashawn Russell, Breon Peace
Companies	United States Department of Justice, R3 Crypto Fund, Binance, Taurus, Deutsche Bank
Currencies	Ethereum, Bitcoin
Securities	None