Former JPMorgan Employee is Accused of Crypto Fraud
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Rashawn Russell, a former broker of JPMorgan and Deutsche Bank, was arrested on April 10 by New York law enforcement officers on suspicion of digital asset fraud.
According to investigators, Russell had taken funds from investors by promising them large profits from altcoins, only to spend the money on gambling and debt repayment.
It is further alleged that the broker had forged documents showing profits and falsely claimed to have developed a successful trading strategy that generated 100% returns in three months.
US Attorney Breon Peace warned that they would “continue to actively prosecute criminals who carry out such fraud in the digital asset markets”, and that Russell potentially faces up to 20 years in prison if his guilt is proven.
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