Ex-Deutsche Bank investment banker pleads guilty to crypto fraud

FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

WASHINGTON (Reuters) - A former Deutsche Bank investment banker, who was charged in April with misappropriating funds from investors he wooed with promises of big returns from cryptocurrency trading, pleaded guilty on Tuesday, the U.S. Justice Department said.

Rashawn Russell faces up to 30 years in prison when sentenced, the Justice Department said in a statement. As part of his plea agreement, Russell will be required to pay restitution in the amount of more than $1.5 million.