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The U.S. Department of Justice said Rashawn Russell, 28, of
Brooklyn, was sentenced eight months after admitting to wire
fraud and access device fraud, and three months after his bail
was revoked.
Russell was also ordered to pay victims more than $1.5 million
in restitution.
A federal public defender representing Russell did not
immediately respond to a request for comment.
Russell allegedly told friends, former college classmates and
onetime Deutsche Bank colleagues he could generate 25% returns
in three months, and had doubled some investors' money in
earlier three-month periods.
The alleged scheme ran from November 2020 to August 2022, with
Russell using some money to gamble and to repay earlier
investors, court papers show.
Prosecutors also said that in a separate fraud, Russell obtained
at least 140 credit, debit and identification cards in the names
of third parties, and used stolen card information to open
online gambling accounts and make fraudulent purchases.
Russell was jailed in February after prosecutors accused him of
continuing his identity theft scheme following his arrest. He
had been under home detention.
In a letter to the sentencing judge this month, Russell said he
was "deeply remorseful for creating victims out of many of my
closest friends and acquaintances," whose money he squandered to
fund a "crippling" gambling and substance abuse addiction.
Russell worked at Deutsche Bank from July 2018 to November 2021,
court and brokerage industry records show.
His LinkedIn profile said he started at Deutsche Bank as an
analyst and was promoted to associate two years later.
Deutsche Bank was not accused of wrongdoing.
(Reporting by Jonathan Stempel in New York; Editing by Chris
Reese)
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