Tuesday, September 21, 2021
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Ex-Cryptocurrency Fund Manager Sentenced to 7½ Years in Prison

A cryptocurrency hedge-fund supervisor who lied about returns on his $90 million fund and siphoned cash from its accounts to cowl a lavish life-style was sentenced to 7½ years in jail Wednesday.

Stefan Qin, 24 years outdated, pleaded responsible in February to at least one rely of securities fraud after prosecutors stated he ran the fund, Virgil Sigma Fund LP, like a Ponzi scheme for 3 years till its implosion in late 2020. The U.S. lawyer’s workplace for the Southern District of New York stated lots of the greater than 100 traders within the fund had been scammed.

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