Bitcoin

Gulity for Crypto Scams? Ex-Deutsche Bank Employee Headed for Change of Plea Hearing

1 Mins read


Former Deutsche Bank investment banker Rashawn Russell intends to plead guilty to cryptocurrency fraud charges. 

Russell initially contested the allegations against him; however, the case has now been forwarded to a magistrate judge for a change of plea hearing, signifying a shift in Russell’s legal strategy.

Rashawn Russel Set to Plead Guilty to Crypto Fraud Charges

Russell, a licensed broker aged 27, had previously denied involvement in deceptive crypto transactions. However, recent court filings suggest a significant shift in his defense. 

Russell’s legal proceedings have experienced multiple delays, allowing his attorneys to explore the option of a plea deal with the authority. The case has advanced to a magistrate judge for a “change of plea” hearing, suggesting that Russell intends to plead guilty. The change of plea hearing indicates Russell’s intent to admit guilt in connection to the fraud charges, a surprising twist in a case that had initially seemed headed for a long legal battle.

This development aligns with Deutsche Bank’s decision to offer custody solutions to its institutional clients for their crypto and tokenized assets. Through this move, Deutsche Bank is expected to gain the capability to hold a select range of cryptocurrencies and tokenized representations of conventional financial assets, signaling the growing intersection of traditional finance and the world of digital assets.

Allegations Against Rashawn Russell

Russell’s legal drama began in April when he was taken into custody in Brooklyn, New York, facing the possibility of a maximum 20-year prison sentence. He stood accused of defrauding investors by promising substantial returns on their crypto investments.

Prosecutors alleged that he created counterfeit documents to falsely portray significant liquidity while diverting a substantial portion of the investors’ funds for personal use, including gambling and repaying other investors.

Russell also faced a separate lawsuit from the Commodity Futures Trading Commission (CFTC), which accused him of misleading retail investors involved in a digital asset trading fund called the R3 Crypto Fund. The CFTC claimed that Russell had unlawfully diverted approximately $1 million from customers between November 2020 and July 2022.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


Source link

Related posts
Bitcoin

Exploring Crypto’s Most Expensive Assets: The 5, 4, and 3-Digit Clubs

1 Mins read
Throughout bitcoin’s history, the leading crypto asset has traded at five digits per unit for over 28% of its time. In 2022…
Bitcoin

Pepe, Dogwifhat and AlexTheDoge Memecoins Surge 12% Despite Market Falling 10% Overnight

2 Mins read
The cryptocurrency market experienced a 10% decline overnight, while meme coins like Pepe Coin (PEPE), Dogwifhat (WIF), and Alex The Doge (ALEX)…
Bitcoin

More Pain For BTC Incoming? Miners Haven't Capitulated Yet

2 Mins read
There has been increased speculation over a Bitcoin miner capitulation as hash rate increases slow down, operational costs increase, and the asset…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *