Virgil capital bitcoin

His securities fraud charge carries a maximum term of 20 years in prison, and the sentencing is scheduled for May 20, Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement.

Southern District of New York

Wealth Personal Finance White collar crime Print article. Jessica Sier Contributor. Feb 7, — Save Log in or Subscribe to save article.

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Australian admits he swindled crypto investors - Asia Times

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Crypto Hedge Fund Founder Pleads Guilty to $90M Fraud

VQR employed a variety of trading strategies and was poised to make or lose money based on the fluctuations in the value of cryptocurrency and was not market neutral. As a result of these and other fraudulent activities, QIN dissipated nearly all of the investor capital in Virgil Sigma. These lies included an array of investor and public communications, including:. The amounts recorded in these statements did not accurately reflect the results of cryptocurrency trading.

SEC Obtains Emergency Asset Freeze, Charges Crypto Fund Manager with Fraud

For example, after QIN and the purported success of his fund were profiled in the Wall Street Journal in or about February , Virgil Sigma experienced substantial growth as new investors flocked to the fund. In the summer of , QIN was having difficulty meeting redemption requests from investors in Virgil Sigma. In order to access funds to make those redemptions, and in order to conceal his fraudulent activities described above, QIN attempted to steal investor capital from VQR to pay redemptions to Virgil Sigma investors.

After a few Virgil Sigma investors requested redemptions that Virgil Sigma could not pay, QIN convinced those investors that rather than redeem the funds outright, the investors would agree to have the funds withdrawn from Virgil Sigma and transferred into an investment in VQR.

After months passed and no funds were transferred to VQR, QIN falsely told these investors that he had requested the transfer of funds from Virgil Sigma, but that the transfer was delayed because of an intermediary bank.

And then the feds came.

QIN, 24, pled guilty to one count of securities fraud. This charge carries a maximum term of 20 years in prison.

The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. Sentencing has been scheduled for May 20, Strauss praised the work of Homeland Security Investigations. She further thanked the Securities and Exchange Commission for its cooperation and assistance in this investigation.

Assistant U.