Banker faces reckoning over $1.5M crypto scheme

Rashawn Russell has been sentenced over an elaborate crypto scheme he ran, defrauding investors out of seven-figure sums

Banker Rashawn Russell was sentenced on Thursday and handed a 41-month prison sentence. The sentence was awarded in response to the man’s crypto scheme which had cost investors $1.5 million between November 2020 and August 2022, although his illegal activities persisted a year after that.

He promised his victims tidy returns on their investment, but instead misused the money to fund various outside interests, including gambling, personal expenses, and not least – refunding some of the investors that were becoming suspicious of the man’s intentions.

However, he was unable to both return the principle investments and continue to drip-feed investors returns, with his scheme eventually catching up to him, and a case brought against Russell.

He similarly lied about wiring money back to victims upon request. The banker is also said to have been complicit with another serious crime, obtaining credit and identification cards for transactions that were not authorized.

Apart from his 41-month sentence, Russell has been sentenced to pay full restitution to the victims to the tune of $1.5 million.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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