Russell Russian (Rashawn Russell)

Biography

2023: Arrest in cryptocurrency fraud case

On April 11, 2023, the US Department of Justice announced the arrest of former Deutsche Bank employee Rashawn Russell. The man is suspected of cryptocurrency fraud.

Russell, 27, of Brooklyn, who worked as an investment banker at Deutsche Bank from July 2018 to November 2021, organized the so-called Ponzi scheme, a pyramid scheme, according to the case file. He tricked several investors into promising them that the money provided would be invested in cryptocurrency assets that would generate big returns. And in some cases, Russell guaranteed the return on such investments.

Russell, 27, of Brooklyn, orchestrated the so-called Ponzi scheme - a pyramid scheme

However, in fact, the bulk of the money received was misappropriated by Russell and used for his personal benefit, as well as to pay other investors. The investigation found out that the fraudster falsified many documents. In particular, Russell sent one of the investors a redacted bank statement showing the significant profits that the cryptocurrency scheme allegedly brought. In another case, Russell sent a fake confirmation of a bank transfer to the investor, demonstrating the return of the requested funds, while in fact the transaction was never carried out.

The law enforcement conclusion says that four investors, whose names were not disclosed, paid the fraudster from $90,000 to $295,000 each. According to the Department of Justice, Russell was never able to return the funds received, as he spent large sums, including on gambling. If the defendant's guilt is proven, he may face a maximum sentence of 20 years in prison in connection with violation of the law on fraud using electronic means. Deutsche Bank representatives do not comment on the situation.^[1]

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