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A 19-year-old claiming to have the secret to cryptocurrency trading was a lie.

Stefan Qin, a self-proclaimed math genius from Australia, told potential clients he had found a way to monitor cryptocurrency exchanges globally and could seize on price fluctuations. An algorithm he called Tenjin.

After dropping out of college in 2016, he started a hedge fund in New York called Virgil Capital. A little over a year after it was founded, he started bragging that the fund had returned 500%. His claims brought in new money from many investors, Bloomberg reported.

The money came pouring in, to the point that in September 2019, Quin signed a lease for a $23,000-a-month apartment in 50 West—a 64-story luxury condo building located in the financial district.” His condo overlooked lower Manhattan and came with a pool, sauna, steam room, hot tub, and a golf simulator.

But federal authorities say Qin’s operation was based on a lie. His Ponzi scheme stole roughly $90 million from more than 100 investors, which helped pay for his upscale and luxurious living, as well as his own personal investments.

When investors would demand their money, Qin would fault the “poor cash flow management” and “loan sharks in China.”

Qin is now 24 and remorsefully plead guilty last week to a single count of securities fraud in a federal court in Manhattan.

“I knew that what I was doing was wrong and illegal,” he told U.S. District Judge Valerie E. Caproni, who could sentence him to more than 15 years in prison. “I deeply regret my actions and will spend the rest of my life atoning for what I did. I am profoundly sorry for the harm my selfish behavior has caused to my investors who trusted in me, my employees and my family.”

After working as an intern at a firm in China, Qin got the crypto bug. Apparently, he thought he had come across a good business idea when he moved to New York to start his company Virgil Capital. He was confident when he told investors his strategy to exploit cryptocurrencies’ tendency to trade at various prices during exchanges.

The Wall Street Journal profiled him in 2018 for his returns on assets. But soon after, investors became “increasingly upset” over missing investments and incomplete transfers.

“It is now MID DECEMBER and my MILLION DOLLARS IS NOWHERE TO BE SEEN,” wrote one investor, whose name was blacked out in court documents. “It’s a disgrace the way you guys are treating one of your earliest and largest investors.”

When nine investors with $3.5 million in funds requested redemptions from the firm’s flagship Virgil Sigma Fund LP, there was no money available to pull from because Qin had drained it all. The fund’s balances were lies.

Qin took the money he promised to trade in 39 exchanges worldwide and used it for his personal expenses and other high-risk investments.

“Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund and what he had done with their money,” Manhattan U.S. Attorney Audrey Strauss said in a statement.




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Marvel Studios Reveals That TI Will Not Be Apart Of The Cast For Ant-Man And Wasp: Quantumania

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Since sexual abuse allegations against rapper TI and his wife Tiny have emerged, Marvel Studios has decided that T.I. will not be apart of the cast for the upcoming Ant-Man and Wasp: Quantumania.

In the 2015 Ant-Man film and 2018 sequel Ant-Man and the Wasp, T.I. played Dave, a friend to Ant-Man who helped him on his adventures and ex-convicts Luis and Kurt. Characters like T.I.’s Dave were anticipated to return for the Marvel Franchise’s third installment, but the movie is still in development, so things could change.

An attorney for 11 alleged victims charged the couple with sexual abuse, forced ingestion of illegal narcotics, kidnapping, false imprisonment, intimidation, assault, and harassment. Tyrone A. Blackburn, the attorney, has asked authorities in California and Georgia to open investigations. The couple, through a lawyer, denied the allegations: “Clifford (T.I.) and Tameka Harris (Tiny) deny in the strongest possible terms these unsubstantiated and baseless allegations. We are confident that if these claims are thoroughly and fairly investigated, no charges will be forthcoming.”

 




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Nike Executive Steps Down After Son’s Sneaker Resale Business Was Attached To Her

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After her son’s lucrative sneaker-flipping company was attached to her, a top Nike executive has stepped down.

According to a brief statement released by the company, Ann Hebert, Nike’s vice president and general manager for North America, stepped down on Monday after more than 25 years at the company.

It is unclear why Nike didn’t give the reason behind Hebert’s resignation, but her departure came four days after the Bloomberg Businessweek reported on her 19-year-old son Joe Hebert making huge profits by buying Nike and other companies’ coveted sneakers and reselling them to websites like StockX.

According to the story, Herbert’s son got his start flipping Supreme T-shirts in high school and went on to create West Coast Streetwear, which made $600,000 in sales in a single month last year.

The teen told Bloomberg in a statement that he had some help from his mom: at least one of West Coast Streetwear’s American Express credit cards was set up in Ann Hebert’s name. He then used the card to purchase limited-edition sneakers that he could resell for a profit.

Hebert is estimated to have spent more than $200,000 on around 2,000 pairs of shoes he bought from Nike stores, as well as mom-and-pop shops and other retailers such as Foot Locker and Champs Sports.




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RIP: Reggae Legend Bunny Wailer Dead at 75

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David Corio/Redferns

Reggae legend Bunny Wailer passed away from natural causes in a hospital in Kingston, Jamaica on Tuesday, March 2, his manager, Maxine Stowe, confirmed to the Jamaica Observer newspaper. He was 75.

The musician struggled with speech impediments following his first minor stroke in 2018. He suffered his second stroke in July 2020.

VCG via Getty Images

Born Neville O’Riley Livingston in Kingston, Bunny (in black tee) is best known as an original member of The Wailers, along with his childhood pal Bob Marley (in green jacket) and Peter Tosh (not pictured), in the early 1960s.

He sang on tracks like “Reincarnated Souls”, “Burnin'”, “Pass it On”, and “Hallelujah Time.” He went solo in 1973, following the success of the band’s major-label debut album Catch a Fire.

Bunny released singles including “Dreamland”, “Dancing Shoes”, “Searching For Love”, “Life Line” and “Bide Up”, while he also reworked a string of The Wailers’ hits for his 1980 project Bunny Wailer Sings the Wailers.

Bunny won three Grammy Awards (Best Reggae Album) for 1991’s Time Will Tell: A Tribute to Bob Marley, Crucial! Roots Classics in 1995, and 1997’s Hall of Fame: A Tribute to Bob Marley’s 50th Anniversary.

Bunny was considered a national treasure in his native Jamaica, and was awarded the Order of Jamaica in 2012, and the Order of Merit in 2017.
 

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Tags: Bob Marley, Bunny Wailer, celebrity deaths, Jamaica news, reggae music


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