An Australian man in the US has pleaded guilty to securities fraud for cheating investors of over US$90 million by squandering money they spent on his cryptocurrency fund, prosecutors said.
Stefan He Qin, 24, entered the plea to a single count of the fraud charge in Manhattan federal court.
Authorities said the fraud occurred from 2017 to 2020 as Qin operated the fund titled Virgil Sigma.
RELATED: Australian IDs and credit cards traded on dark web for less than $20
“Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund and what he had done with their money," US Attorney Audrey Strauss said in a release.
She said Qin then tried to steal money from another fund he controlled to meet the redemption demands of the defrauded investors in the former fund.
"The whole house of cards has been revealed, and Qin now awaits sentencing for his brazen thievery,” Ms Strauss said.
Prosecutors said Mr Qin cheated dozens of investors, including many in the United States.
They said the fraud was revealed last summer when Mr Qin was having difficulty meeting redemption requests from investors.
The 24-year-old faces up to 20 years in prison at a May 20 sentencing.
A lawyer for Mr Qin did not immediately respond to a message seeking comment.
from 9News https://ift.tt/3oRaK32
via IFTTT
0 Comments