A Chinese-Australian man imprisoned for seven and a half years in prison for crypto hedge fund fraud


Stefan He Qin, a cryptocurrency hedge fund manager based in New York, was sentenced to seven and a half years in prison on September 15 for fraud. US District Judge Valerie E. Caproni also ordered the confiscation of $ 54,793,532. The 24-year-old Hata was accused of misreporting the return on his $ 90 million fund and embezzling investor funds to pay for his extravagant living expenses. Qin, a Chinese-Australian and self-proclaimed math genius, has pleaded guilty to securities fraud. At the age of 19, he founded two crypto investment funds, Virgil Sigma and VQR, in New York City. The two funds claimed a total investment of $ 100 million, and many investors came from the United States. At the age of 20, he starred in China’s national network CCTV for “success.” Audrey Strauss, United States Attorney for the Southern District of New York, said Qin’s investor soon became his …