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Man gets over 7 years in prison in cryptocurrency scam

KVIA

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — An Australian man who pleaded guilty to securities fraud for cheating investors in his cryptocurrency fund of over $50 million has been sentenced to over seven years in prison. U.S. District Judge Valerie E. Caproni imposed the sentence Wednesday on 24-year-old Stefan He Qin after saying she wasn’t sure of the sincerity of his apology. Before she announced the sentence, Qin said he felt “absolutely heartbroken” over the pain he’d caused investors, including family members, friends and business associates. Authorities said the fraud occurred from 2017 to 2020 as Qin operated the fund titled Virgil Sigma.

Associated Press

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