Ex-Deutsche Bank Investment Banker Gets 3 Years for Fraud (1)

A former Deutsche Bank AG investment banker was ordered to spend more than three years behind bars for running a Ponzi-like scheme in which he promised investors “guaranteed” returns in cryptocurrency.

Rashawn Russell, 28, was sentenced Thursday in federal court in Brooklyn, New York, to 41 months in prison. He was also ordered to pay $1.5 million in restitution to his victims.

Russell pleaded guilty in September to fraud charges. According to prosecutors, he started raising money from friends, former college classmates and co-workers in November 2020, telling them he would invest their money in digital assets. He guaranteed some ...