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Cryptocurrency Hedge Fund CIO Pleads Guilty in Federal Court, Stealing Investor Money
Posted on 02/05/2021
Stefan He Qin, age 24, is the Founder of the Virgil Sigma Fund LP (“Virgil Sigma”) and the VQR Multistrategy Fund LP (“VQR”), a pair of cryptocurrency hedge funds in New York, New York, with over $100 million in investments. Stefan He Qin was charged with one count of securities fraud and pled guilty in Manhattan federal court. This charge carries a maximum term of 20 years in prison. For years, Stefan He Qin stole investor money from Virgil Sigma and, in December 2020, Stefan He Qin tried to steal investor money from VQR to pay back his investors in Virgil Sigma. Virgil Sigma and VQR, two multimillion-dollar cryptocurrency investment funds, were revealed to be slush funds for Qin to live his extravagant lifestyle.
The 24-year-old founder of Virgil Capital, which ran two cryptocurrency hedge funds, admitted to duping investors out of almost $100 million and using the money to support a lavish lifestyle.Stefan He Qin pleaded guilty Thursday in federal court in New York and faces as much as 20 years in prison at his sentencing in May. Prosecutors said the Australian national stole investor money from Virgil Sigma Fund LP, a fund he controlled that purported.
hedge fund that claimed to use a trading algorithm to capitalize on price differences in several
Stefan He Qin, a 24-year-old Australian national, admitted in court that he had embezzled nearly all the assets raised in his Virgil Sigma Fund, which along with his VQR Multistrategy Fund had more than $100 million in assets, the DOJ said.
Qin used the assets to pay for personal expenses including a penthouse apartment.
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Prosecutors said Qin stole money from investors in Virgil Sigma, then tried to pay them back with the assets raised from investors in his second multistrategy fund. The whole house of cards has been revealed, and Qin now awaits sentencing for his brazen thievery, Audrey Strauss, the acting US attorney for the Southern District of New York, said in a statement.