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<p>NEW YORK (AP) – An Australian man who pleaded guilty to securities fraud for cheating investors in his cryptocurrency fund of over $50 million was sentenced to over seven years in prison Wednesday by a judge who questioned the sincerity of his apology.</p> <p>U.S.
District Judge Valerie E. Caproni in Manhattan imposed the 7 1/2-year sentence Wednesday on Stefan He Qin, 24, who told her he was “absolutely heartbroken” as he read letters from victims about the pain he´d caused investors, including family members, friends and business associates.</p> <p>”Now I feel ashamed to even look them in the eye and tell them I am sorry, but I must,” he told the judge.</p> <p>Authorities said the fraud occurred from 2017 to 2020 as Qin operated the fund, called Virgil Sigma.</p> <p>Caproni noted that there was a charm to Qin, but she also said that a victim of his Ponzi scheme had warned her not to be taken in by his charm.She said that if his contrition were sincere, he’d never be in a courtroom again.</p> <p>”But if he´s charming me the way he charmed his victims; he´s a real danger because he thinks his needs are more important than everyone else´s,” she added.</p> <p>She said he deserved a measure of leniency, though, because he had cooperated with authorities as they tried to identify where money from investors went.</p> <p>U.S.
Attorney Audrey Strauss said Qin promised his investors safety, but “investors soon discovered that his strategies weren´t much more than a disguised means for him to embezzle and make unauthorized investments with client funds”</p> <p>She said in a release that he doubled down on his scheme when he was faced with redemption requests.</p> <p>”Qin´s brazen and wide-ranging scheme left his beleaguered investors in the lurch for over $54 million, and he has now been handed the appropriately lengthy sentence of over seven years in federal prison,” she said.</p> <p>Qin pleaded guilty in February, admitting he carried out the fraud when he owned and 비트코인 거래소 controlled two Manhattan-based cryptocurrency investment funds, Virgil Sigma and VQR.</p> <p>Qin, who was ordered to forfeit $54.7 million, 비트코인 거래소 told Caproni that he had learned through his crime that success, 비트코인 거래소 money and fame were not what was important in life.</p> <p>”I know now that the world is not a video game,” he said.
“I deserve the punishment that I´m going to receive today. I will spend the rest of my life trying to make up for the pain I´ve caused. I am so, so, so sorry.”</p> <p>He was ordered to report to prison Dec. 15.</p></div>
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