Australian Dropout Pleads Guilty to Crypto Scam
24-year old dropout Stefan He Qin plead guilty to securities fraud in a Manhattan federal court over two crypto funds he founded which totaled more than $100 million in assets.
Qin was charged with defrauding investors by allegedly taking advantage of price differences for various cryptocurrencies using a trading algorithm, according to federal prosecutors in an emailed statement.
Investor money was stolen from his Virgifl Sigma Fund while he attempted also to use a second fund to pay investors from the first one, the statement said. Attempts were also made to steal from a third fund to meet fund redemption demands.
Personal Expenses
The Australian national had embezzled almost all the capital from the Virgil Sigma fund, according to the statement, which he used for personal expenses such as a penthouse apartment.
Qin faces up to 20 years of imprisonment.
