Cryptocurrency Hedge Fund Founder Admits to Massive Fraud
(The AEGIS Alliance) – On Thursday, a founder of two New York-based cryptocurrency hedge funds, age 24, with greater than $100 million in investments made a guilty plea to securities fraud.
Stefan He Qin was charged with duping investors by claiming he used a buying and selling algorithm to reap the benefits of value variations for various cryptocurrencies, federal prosecutors announced.
Qin stole investor dollars from his Virgil Sigma Fund LP and tried to dip into his VQR Multistrategy Fund LP to pay back investors from the first fund, prosecutors mentioned. He admitted to attempting to steal from one more fund he managed to cover VQR fund redemption demands, the statement reads.
“The whole house of cards has been revealed, and Qin now awaits sentencing for his brazen thievery,” Audrey Strauss, the acting U.S. Attorney for Manhattan, said in the announcement.
Qin’s fraud relied on misrepresentations about his investment technique to lure millions of investor’s money into the fraudulent cryptocurrency companies, prosecutors stated. Qin, an Australian national, embezzled virtually all of the capital from the Virgil Sigma fund to pay for, amongst other personal costs, a penthouse apartment. He faces up to 20 years behind bars.
“Mr. Qin has accepted full responsibility for his actions and is committed to doing what he can to make amends,” his attorneys, Sean Hecker and Shawn Crowley said in a press release.
The U.S. Securities and Exchange Commission filed a parallel civil case against Qin last December.
Kyle James Lee – The AEGIS Alliance – This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
I was impatient to carry out necessary research but I really wanted to jump on the crypto trading and investment buzz. Unfortunately for me, I invested 75,700 GBP worth of bitcoin with a fraudulent company. I was happy to watch my account grow to 214,575 GBP within a couple of weeks. But I didn’t realize I was dealing with a scam company, until I tried to make an attempt to withdraw. I made a withdrawal request, and noticed my account was suddenly blocked for no apparent reason. I tried contacting customer support, but all to no avail. I needed my money back at all cost, because I could not afford to let it go. So I tried all possible means to make sure I recovered my scammed bitcoin. I did a lot of online search for help, and tried to see if there were other people who had any similar experience. I stumbled upon a cryptocurrency forum were a couple of people mentioned that they had been through the same process but were able to recover their lost cryptocurrency, funds with the help of CRYPTORECOVERYLTD@PROTONMAIL.COM. So I file a report on CRYPTORECOVERYLTD@PROTONMAIL.COM and he was able to help me get back all my lost funds withing 2 weeks I feel indebted to him. Apart from trying to express my gratitude to them once again using this medium, I will recommend anybody who wants to recover scammed bitcoin, stolen cryptocurrency, funds lost to binary options forex, investment and any other form of online scam to reach out to CRYPTORECOVERYLTD@PROTONMAIL.COM.
Have you ever been a victim of a scam? or have you lost your money to fake hackers online? I implore you to contact this trustworthy hacker and recovery expertBLACKJOCKER10x AT PROTONMAIL DOT COM, I was a victim of fake people posing as binary options and bitcoin investors, I lost a sum of $4,000 and 2BTC from my bitcoin wallet to these fakes. It took a while before I realized they were scams and this really hurt .Then an in-law of mine heard about it and recommended to me a specialist with the address – BLACKJOCKER10x AT PROTONMAIL DOT COM. He helped me recover my lost bitcoins in less than 72hrs and the fakes were caught and made to pay for what they did to me .if you have lost any amount to online scams and you’re seeking to recover them, in fake hackers, online dating scams,btc wallet hack, fake binary investors .Reach out to BLACKJOCKER10x to help you ,and you will be so glad you did so, best believe