A former investment banker and registered broker, Rashawn Russell, has been sentenced to three years and five months in prison for orchestrating a $1.5 million crypto fraud scheme.
Scheme Details
From November 2020 to August 2022, Russell lured investors with promises of high returns. However, he misappropriated their funds for personal use, including gambling and repaying other investors. He also failed to repay investments and provide promised returns.
Additional Scam
Separately, from September 2021 to June 2023, Russell illegally obtained credit and debit card numbers and identification cards from gym lockers in New York and New Jersey, using them for unauthorized transactions.
Sentencing and Restitution
In addition to prison time, Russell has been ordered to pay $1.5 million in restitution to the victims of his crypto fraud scheme.
