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.Russell, a licensed broker aged 27, had previously denied involvement in deceptive crypto transactions. However, recent courtRussell’s legal proceedings have experienced multiple delays, allowing his attorneys to explore the option of a plea deal with the authority.
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.custody solutions to its institutional clients for their crypto and tokenized assets.
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 , 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.
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