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Former Investment Banker Receives 41-Month Sentence for Crypto Fraud

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Rashawn Russell, a former investment banker, has been sentenced to 41 months in jail for wire fraud related to a cryptocurrency and access device fraud.

Leveraging his background as a former investment banker and registered broker, Russell convinced investors of the scheme’s legitimacy. He allegedly fabricated documents, including altered bank website images and fake bank wire transfer confirmations, to mislead investors about their investment status.

In addition to the crypto fraud, Russell faces charges for acquiring nearly 100 credit and debit cards under other people’s names between September 2021 and June 2023. He allegedly intended to use them for fraudulent transactions. Initially placed on home detention after his arrest, Russell’s bail was revoked in February 2024 due to continued identity theft activities. In a letter to the judge before sentencing, Russell expressed remorse for his actions and their impact on the victims.

 

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