The 24-year-old Australian national – Stefan He Qin – will spend the next 90 months in federal prison for defrauding his customers out of $90 million. The courts also ordered him to forfeit nearly $55 million from the embezzled money.
The Road to Prison
According to a press release from the United States Department of Justice, Stefan Qin received a prison sentence for seven and a half years after stealing nearly $90 million from his clients.
The Australian was in charge of two cryptocurrency investment funds – Virgil Sigma and VQR as their headquarters were in New York. Both companies’ operational structure was to collect money from investors, which later to employ in arbitrage trading strategies. What’s more, they promoted themselves as “market-neutral,” meaning that the volatility of the digital market does not expose their clients to any risks.
Per the marketing reports, Virgil Sigma has had only one month where it did…