An Australian university dropout is facing 20 years in prison after cheating investors out of over $117million ($US90million) by stealing money they spent on his cryptocurrency fund. Stefan He Qin, 24, is awaiting sentencing in the US after pleading guilty to securities fraud in Manhattan federal court last week. The Canberra native squandered the money trusting investors spent on his crypto fund after dropping out of his Advanced Mathematics and Computer Science degree at UNSW in 2016. Authorities said the fraud occurred from 2017 to 2020 as Qin operated the fund titled Virgil Sigma. They said the fraud was revealed last summer when Qin was having difficulty meeting redemption requests from investors.

Source: Daily Mail February 08, 2021 03:00 UTC