Business
Australian man pleads guilty in $US90m cryptocurrency scam case – Sydney Morning Herald
Stefan He Qin faces up to 20 years in prison after pleading guilty to securities fraud.
An Australian man pleaded guilty to securities fraud for cheating investors of over $US90 million ($118.5 million) by squandering money they spent on his cryptocurrency fund, prosecutors said.
Stefan He Qin, 24, entered the plea to a single count of the fraud charge in Manhattan federal court on Thursday (US time). Authorities said the fraud occurred from 2017 to 2020 as Qin operated the fund titled Virgil Sigma.
Qin will be sentenced in the US in May.
Stefan He Qin drained almost all of the assets…
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