According to a report by the Daily Mail on Monday (8th), the man ran a cryptocurrency fund and defrauded investors of more than 1.17 million Australian dollars (9000 million U.S. dollars) and faced 20 years in prison.
Stefan He Qin, 24, pleaded guilty to securities fraud in Manhattan Federal Court last week and is awaiting judgment in the United States.
The US police stated that the fraud occurred from 2017 to 2020, and Stefan operated a cryptocurrency fund called Virgil Sigma.
U.S. Attorney Audrey Strauss said: "Stefan squeezed almost all the assets of his $9000 million cryptocurrency fund. He used the stolen money for indulgence and speculative personal investment. Embezzle others' money and lie to investors at will."
She said that Stefan subsequently tried to steal funds from another fund he controlled to meet the redemption requirements of defrauded investors in the previous fund.But now all the scams have been dismantled, and he is personally awaiting the verdict of blatant theft.
According to the report, Stefan defrauded dozens of investors, including many in the United States.
It is reported that last summer, when Stefan had difficulty meeting investors' redemption requirements, the fraud was exposed.
Stefan’s lawyers Sean Hecker and Shawn Crowley said in a statement that Stefan has accepted full responsibility for his actions and is committed to doing his best to make up for it.
The 24-year-old young man spent almost all his money on'personal indulgence', including food, services, rent and real estate investment, which disappointed investors.
An investor who did not want to be named told the Australian Financial Review that he was not losing money because the market was not favorable to him. It seemed that he actually spent $9000 million to live and make crazy consumption.
Stefan will be sentenced on May 5, and he faces up to 20 years in prison.
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