Virgil Capital: How to Steal and Where to Spend $90 Million
Today is rich in news about hacks and scams. Another piece of news came from Australia. The head of Virgil Capital fund Stefan Qin admits fraud and theft of more than $90 million
The scammer has been managing the fund since 2016. He cleverly manipulated the facts, which brought him fame in narrow circles. They started talking about him as a financial prodigy. The interview with Qin was published in The Wall Street Journal and aired on CNBC.
The number of Virgil Capital investors grew, and Stephen Qin spent money on luxury living, as well as investments in dubious projects.
In 2019, the fund's clients had doubts, and the first requests to withdraw profits were received. They were rejected. The manager quickly created another fund to raise more money and pay off disaffected investors.
As a result, after several complaints and an investigation, it turned out that the $ 90 million received from two cryptocurrency funds controlled by Virgil Capital was spent on renting a penthouse in New York, an extravagant lifestyle and other needs of Qin.
Recall that the hearing is scheduled for May 2021. Qing faces up to 20 years in prison. Most likely, he will receive his term, because he has already pleaded guilty to embezzling $90 million.