Australian man convicted in nearly $90M cryptocurrency scam


first_imgNEW YORK (AP) — Prosecutors say an Australian man has pleaded guilty to securities fraud for cheating investors of nearly $90 million by squandering money they spent on his cryptocurrency fund. Stefan He Qin entered the plea Thursday in Manhattan federal court. U.S. Attorney Audrey Strauss says the 24-year-old Qin spent money from investors on indulgences and speculative personal investments. She called it “brazen thievery.” Authorities said the fraud occurred from 2017 to 2020. Prosecutors said Qin cheated dozens of investors, including many in the United States. They said the fraud was revealed last summer when Qin was having difficulty meeting redemption requests from investors. Qin faces up to 20 years in prison at a May 20 sentencing.last_img