Crypto Fund Boss Gets 7½ Years For $90M Ponzi Scheme

By Stewart Bishop (September 15, 2021, 9:41 PM EDT) -- The young founder of cryptocurrency hedge funds Virgil Sigma Fund LP and the VQR Multistrategy Fund LP on Wednesday was sentenced to 7½ years in prison for running a $90 million Ponzi scheme that preyed on sophisticated and retail investors.

During an afternoon hearing, U.S. District Judge Valerie Caproni in Manhattan seemed torn over whether Australian national Stefan He Qin, 24, was sincere in his expressions of remorse or if he was continuing his role as a master manipulator.

"I'm not sure about this defendant," Judge Caproni said.

The judge said that Qin had said all the right things in the...

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