General
Australian man Stefan He Qin convicted in nearly $90 million cryptocurrency scam
An Australian man has pleaded guilty to cheating investors out of more than $90 million by squandering the money they deposited in his cryptocurrency fund.
Key points:
- Stefan He Qin committed the fraud between 2017 and 2020
- He tried to steal money from another fund he controlled to meet the redemption demands of the defrauded investors
- Qin faces up to 20 years in prison when he is sentenced on May 20
Stefan He Qin, 24, entered the plea to a single count of the fraud charge in Manhattan federal court.
Authorities said the fraud occurred from 2017 to 2020 as Qin operated a fund titled Virgil Sigma.
“Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on…
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