Guilty plea on charges of misappropriating funds from investors promised big crypto return

<p>News crossing of a guilty plea from a former investment banker who was charged in April with misappropriating funds from investors he wooed with promises of big returns from cryptocurrency trading.</p><p>From the article (<a href="https://www.usnews.com/news/technology/articles/2023-09-19/ex-deutsche-bank-investment-banker-pleads-guilty-to-crypto-fraud#:~:text=Sept.%2019%2C%202023%2C%20at%208%3A55%20p.m.&amp;text=WASHINGTON%20(Reuters)%20-%20A%20former,the%20U.S.%20Justice%20Department%20said." target="_blank" rel="nofollow">link here for more</a>):</p><ul><li>Russell told prospective investors that he was a licensed broker who worked in investment banking and could help them earn large and sometimes guaranteed returns from a cryptocurrency fund he claimed to run.

Prosecutors said Russell transferred some funds into a trading account but siphoned the rest,</li><li>faces up to 30 years in prison when sentenced</li><li>will be required to pay restitution of more than $1.5 million</li></ul><p>More info here. </p><p>Bitcoin update:</p><p>It's a shame crypto has been maligned on news like this. It was flavour of the month when the crime took place. I imagine there is someone out there doing the same with some imaginary AI fund right now. Only the instruments change, nefarious humans do not. </p><p>ps. Anyone wanna buy a tulip? </p>

This article was written by Eamonn Sheridan at www.forexlive.com.