Former Deutsche Bank employee and FINRA registered broker, Rashawn Russell, 28, has been handed a 41-month prison sentence for orchestrating a wire and crypto fraud scheme that resulted in investors losing $1.5 million.
Russell’s sentencing was delivered by United States District Judge Hector Gonzalez, accompanied by an order to pay over $1.5 million in restitution to victims of his fraudulent activities. Having pleaded guilty to wire fraud and access device fraud in September 2023, Russell faced the consequences of his actions in court.
During the period between November 2020 and August 2022, Russell engaged in a fraudulent scheme that persuaded numerous victims to invest with him under false pretenses. He promised to utilize their funds for cryptocurrency investments, guaranteeing substantial returns. However, Russell diverted much of the investors’ assets for personal gain, gambling, and repaying other investors. Despite assurances, he failed to repay principal investments and deliver promised returns. Furthermore, Russell falsely claimed to have wired money to investors upon their requests for repayment.
According to the U.S. Department of Justice (DoJ), Russell fraudulently acquired at least 97 credit or debit cards and 43 identification cards between September 2021 and June 2023. Often procured from gym lockers in New York and New Jersey, these credentials were intended for unauthorized transactions.
Russell, previously a registered broker with FINRA (Financial Industry Regulatory Authority), orchestrated these fraudulent activities independently of Deutsche Bank. The bank itself has not been implicated in Russell’s wrongdoing.
