Aussie college dropout, 24, admits to working a cryptocurrency rip-off that noticed him steal $117MILLION from US buyers to pay for his lavish life-style
- An Australian college dropout is dealing with as much as 20 years in jail within the US
- Stefan He Qin, 24, pleaded responsible to securities fraud in Manhattan federal courtroom
- He stole $117million from cryptocurrency buyers for ‘private indulgences’
An Australian college dropout is dealing with 20 years in jail after dishonest buyers out of over $117million ($US90million) by stealing cash they spent on his cryptocurrency fund.
Stefan He Qin, 24, is awaiting sentencing within the US after pleading responsible to securities fraud in Manhattan federal courtroom final week.
The Canberra native squandered the cash trusting buyers spent on his crypto fund after dropping out of his Superior Arithmetic and Laptop Science diploma at UNSW in 2016.
Authorities mentioned the fraud occurred from 2017 to 2020 as Qin operated the fund titled Virgil Sigma.
Stefan He Qin, 24, is awaiting sentencing within the US after pleading responsible to securities fraud in Manhattan federal courtroom final week
‘Stefan He Qin drained nearly all the belongings from the $90 million cryptocurrency fund he owned, stealing buyers’ cash, spending it on indulgences and speculative private investments, and mendacity to buyers concerning the efficiency of the fund and what he had performed with their cash,’ U.S. Legal professional Audrey Strauss mentioned.
She mentioned Qin then tried to steal cash from one other fund he managed to fulfill the redemption calls for of the defrauded buyers within the former fund.
‘The entire home of playing cards has been revealed, and Qin now awaits sentencing for his brazen thievery,’ Strauss mentioned.
Prosecutors mentioned Qin cheated dozens of buyers, together with many in the US.
They mentioned the fraud was revealed final summer time when Qin was having issue assembly redemption requests from buyers.
Sean Hecker and Shawn Crowley, attorneys for Qin, mentioned in an announcement that their shopper ‘has accepted full duty for his actions and is dedicated to doing what he can to make amends.’
The college dropout is dealing with as much as 20 years in jail after stealing $117million (US$90M) from cryptocurrency buyers to pay for his New York Metropolis penthouse and lavish life-style
The 24-year-old spent nearly all of the funds on ‘private indulgences’, together with meals, providers, lease and property investments, to the frustration of buyers.
‘It isn’t like he misplaced cash as a result of the market turned on him,’ one investor, who needs to stay nameless, instructed The Australian Financial Review.
‘It looks like he is really spent $90million on dwelling his life and investing in loopy s**t.’
In 2018, Qin appeared on CNBC’s FastMoney and was profiled by The Wall Road Journal.
The article mentioned Qin returned 500 per cent within the 12 months earlier, and the then-21-year-old was managing $23.5million.
Qin will likely be sentenced on Could 20. He’s dealing with as much as 20 years in jail.
In 2018, Qin appeared on CNBC’s FastMoney (pictured) and was profiled by The Wall Road Journal