Russell, who was initially charged in April, admitted to misusing investor funds that he had pledged to invest in a cryptocurrency trading scheme. The case highlights the challenges regulators face as they aim to clamp down on fraudulent activities in the rapidly growing digital asset market.Initially indicted in April, Russell had promised investors sizable, and at times,"assured" profits through a digital asset fund he purported to manage, called R3.
Legal authorities claim that Russell channeled only a part of the invested capital into a trading portfolio while misdirecting the balance for personal activities, including wagering.
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