Crypto Kid Fraudster Gets 7 1/2-Years for Ponzi Scheme (1)

Stefan Qin’s investors thought they’d found a sure thing -- a hedge fund that was generating 500% returns by exploiting the price gaps between cryptocurrencies on 40 exchanges throughout the world.

Instead, the 24-year-old self-proclaimed math whiz used their money on a lavish lifestyle, including a $23,000-a-month Manhattan penthouse apartment, and failed investments in initial coin offerings and real estate. Federal prosecutors said Qin defrauded more than 100 people out of about $90 million.

After some of his victims said Qin should spend as long as possible behind bars for securities fraud, U.S. District Judge Valerie Caproni sentenced him ...