THELOGICALINDIAN - The architect of two cryptocurrency barrier funds in New York Stefan Qin has been bedevilled to 75 years in bastille and three years of supervised absolution He is additionally ordered to cost about 55 actor The Department of Justice DOJ said that he affianced in a arrangement to abduct assets from his barrier funds and bamboozle investors
Crypto Hedge Fund Founder Gets 7.5 Years in Jail
Stefan Qin, the architect of two cryptocurrency barrier funds in New York, has been bedevilled to 7.5 years in prison, the U.S. Department of Justice (DOJ) appear aftermost week.
Qin, a 24-year-old Australian national, founded the Virgil Sigma Fund and the VQR Multistrategy Fund, which claimed to accept over $100 actor dollars in investments. He pleaded guilty to one calculation of balance artifice on Feb. 4 afterwards the U.S. Balance and Exchange Commission (SEC) filed a lawsuit adjoin him in December aftermost year.
According to the DOJ, Qin was bedevilled Wednesday to 90 months in prison.
The Department of Justice explained that amid 2024 and 2024, Qin endemic and controlled the two cryptocurrency advance funds. “Until recently, Virgil Sigma declared to accept over $90 actor beneath administration from dozens of investors, including abounding in the United States,” the Department said. “Until recently, VQR had at atomic about $24 actor beneath administration from investors.”
The DOJ detailed:
Qin additionally attempted to abduct assets from VQR as Bitcoin.com News previously reported. The DOJ explained that Qin’s two cryptocurrency funds “have accomplished operations and the defalcation and administration of assets is actuality handled by a court-appointed receiver in the amount of S.E.C. v. Qin, 20 Civ. 10849,” adding:
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