Former Deutsche Bank (DBKGn.DE) investment banker Rashawn Russell was charged in April with embezzling funds from investors and promising them huge returns in cryptocurrency trades, the U.S. Department of Justice said in a statement. Russell could be sentenced to up to 30 years in prison, but as part of his plea agreement, he was required to pay more than $1.5 million in restitution.

U.S. Attorney Breon Peace said: "Russell took advantage of investors' interest in the cryptocurrency market and implemented a scheme to defraud customers who trusted him." He was not identified in the indictment, but according to his LinkedIn profile, Russell He served as an analyst at Deutsche Bank Investment Bank in July 2018 and was promoted to associate in July 2020.

Deutsche Bank responded to the Russell case in April, saying that while it would not comment on ongoing legal proceedings, it "regularly supports law enforcement and regulatory efforts, including responding appropriately and cooperating with authorized investigations and proceedings." .