Rashawn Russell, a former investment banker and registered broker, has been sentenced to three years and five months in prison for two distinct fraud schemes resulting in significant financial losses. Between November 2020 and August 2022, Russell defrauded investors by promising high returns on cryptocurrency investments.
Instead, he used the funds for personal expenses, gambling, and repaying other investors, while failing to provide the promised returns or repayment of principal investments.
In a separate scheme, from September 2021 to June 2023, Russell engaged in access device fraud by obtaining and misusing at least 97 credit and debit cards and 43 identification cards. He stole this information from gym lockers and used it to make unauthorized transactions, including opening online gambling accounts and making fraudulent purchases.
Russell has been ordered to pay over $1.5 million in restitution to the victims of his cryptocurrency fraud. His sentencing follows a guilty plea to charges of wire fraud and access device fraud, highlighting his extensive criminal activities and the substantial financial impact on his victims.
The case was investigated by the U.S. Postal Inspection Service (USPIS) and prosecuted by the Justice Department’s Criminal Division and the U.S. Attorney’s Office for the Eastern District of New York. The sentencing underscores the commitment of law enforcement to tackling financial fraud and holding perpetrators accountable for their actions.
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