Stefan Qin, an Australian national aged 24 years old was on Wednesday sentenced to seven and a half years for allegedly defrauding 100 people of $90 million through a crypto Ponzi scheme.

Stefan was the founder of the Virgil Sigma Fund LP of New York, through which the prosecutors said he used to defraud the clients.

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In February, Stefan pleaded guilty to being dishonest about the performance of his crypto fund. According to authorities, Stefan lied that the fund exploited differences in crypto prices on different exchanges while the actual thing was that he was using the funds from his clients to fund his lavish lifestyle.

In an attempt to cover his scheme, Qin tried paying back Virgil Sigma Fund LP investors by dipping into another fund (the VQR Multistrategy Fund LP of the Cayman Islands) that he was operating. He is believed to have operated the two funds between 2017 and 2020.

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When sentencing Stefan, the US District Judge Valerie Caproni termed him:

“A potentially very dangerous person who deliberately and consciously chose a path” to take advantage of his investors.”

Besides the jail term, the judge also imposed a $54.8 million fine on him for the proceeds of his offenses.