- Qin operated the fund in the name of Virgil Sigma, through which he duped his investors
- He spends the money for personal investments
An Australian man Stefan He Qin has pleaded guilty for his misconduct and had duped his investors for USD 90 million. The Manhattan Court has charged him for his misconduct and fraudulent activities against his investors.
Stefan He Qin, 24, has been found guilty of cheating and duping his investors for USD90 million.The Manhattan Court has charged the Australian for his fraudulent activities. He pleaded guilty for his misconduct to a single count of the fraud charge. He spent the money that he duped from his investors on his cryptocurrency fund.
As per the press release by authorities, they informed that Qin conducted these frauds between 2017 to 2020. He was operating the fund by the name of Virgil Sigma. He drained almost all of the assets from the USD 90 million cryptocurrency fund he owned, hence stealing investors’ money.
The money that he duped has spent on indulgences and speculative personal investments. He also lied to his investors about the fund’s performance and what he had done with their money. US Attorney Audrey Strauss said that Qin has been very spendthrift and had spent all of his investor’s money for personal gains and pleasures. She further informed that Qin had also attempted to steal money from another fund he controlled to meet the redemption demands of the defrauded investors in the former fund. Qin has accepted his fraud against the attorney general and had pleaded guilty for his sins. He is now awaiting his sentence.
According to the prosecutor, Qin has cheated dozens of investors. Some of them were from the United States also. His fraud was revealed last summer when Qin was having difficulty in meeting the redemption requests of his investors. He will now be facing 20 years of sentencing starting from May 20.
Qin’s lawyers are Sean Hecker and Shawn Crowley, who reported that Qin had accepted the charges and full responsibility for his actions. He has accepted that he is committed to doing what he can to make amendments.
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