An Australian cryptocurrency hedge fund founder was accused of stealing around $90 million in assets held by one of his New York-based funds. He pleaded guilty to a single count of securities fraud in Manhattan federal court.
Stefan Qin, 24, founded the Virgil Sigma Fund LP and the VQR Multistrategy Fund LP. The cryptocurrency hedge funds have more than $100 million in investments. He could face a maximum sentence of 20 years in prison if convicted.
Qin allegedly embezzled investor money from Virgil Sigma for years. He then used the stolen assets to pay for his extravagant lifestyle. The funds were spent on “indulgences and speculative personal investments” including food and rent for a New York penthouse apartment.
Qin allegedly tried to steal money from VQR to pay back his Virgil Sigma investors in December 2020, according to the U.S. Attorney’s Office for the Southern District of New York. He was also accused of lying to investors about the status and value of their investments.
Securities fraud charges should not be taken lightly. If you are under investigation for securities fraud or have been indicted on related charges, you need experienced legal counsel.
Brill Legal Group understands how regulatory bodies and federal prosecutors build their cases. Our New York criminal defense attorneys are ready to provide an aggressive defense to keep you out of prison. Contact us immediately for a free initial consultation.