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Former crypto hedge funder sentenced to over 7 years in prison for running Ponzi
A former cryptocurrency executive, who raised more than $90 million for an investment fund, was sentenced on Wednesday to more than 7 years in prison for running what prosecutors described as a Ponzi scheme. 24-year-old Stefan Qin ran Virgil Sigma Fund LP for three years until 2020. He pleaded guilty in February and received sentencing on Wednesday. "I abused their trust in immoral and illegal ways to boost my success,” Qin said, referring to his scammed investors. The Department of Justice said in a statement from February: "Stefan He Qin drained almost all of the assets from the $90 million ... (full story)
