A U.S. District Judge has sentenced Stefan He Qin to more than seven years behind bars for his part in a crypto fraud operation.
After being convinced of his crimes back in February, Stefan He Qin has now been sentenced by the United States Attorney Office of the Southern District of New York. According to the U.S. Attorney’s Office, Qin was given a sentence of seven and a half years in state prison along with the confiscation of more than $54 million. The ruling was handed down by U.S. District Judge Valerie E. Caproni.
The 24-year-old Chinese Australian national was accused of misreporting the proceeds for his hedge fund to fund a lavish lifestyle. The fund in question at one point controlled more than $90 million in investor funds. Qin ended up pleading guilty to the charges.