Rashawn Russell has pleaded guilty to his role in a fraudulent crypto investment scheme that saw 29 investors swindled out of more than $1.5 million.
On multiple occasions, Russell lied to investors about their investments and fabricated multiple documents that displayed false information concerning their returns, according to the DOJ.that Russell sent altered images of his bank balance to his investors. Another time, when an investor sought to cash in on one of their crypto investments, Russell never sent the money and instead sent his victim a fabricated money transfer confirmation.
According to prosecutors, most of the $1.5 million obtained from his victims was never used to invest in crypto assets. Instead, the funds were misappropriated by Russell and were used “for his personal benefit, to gamble, and to repay earlier investors,” in the scheme.In addition to his investment scheme, Russell also pleaded guilty for his role in a separate identity-theft scheme where he fraudulently obtained credit cards and other devices using false information.
The DOJ said Russell obtained these identity documents with the intention of using them to undertake illegal and unauthorized transactions. Upon sentences, he faces up to 30 years in prison for his crimes — with United States Magistrate Judge Sanket J. Bulsara ruling that he will be required to pay more than $1.5 million in restitution.
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