“But if he’s charming me the way he charmed his victims; he’s a real danger because he thinks his needs are more important than everyone else’s,” she added.
She said he deserved a measure of leniency, though, because he had cooperated with authorities as they tried to identify where money from investors went.
U.S. Attorney Audrey Strauss said Qin promised his investors safety, but “investors soon discovered that his strategies weren’t much more than a disguised means for him to embezzle and make unauthorized investments with client funds”
She said in a release that he doubled down on his scheme when he was faced with redemption requests.
"Qin’s brazen and wide-ranging scheme left his beleaguered investors in the lurch for over $54 million, and he has now been handed the appropriately lengthy sentence of over seven years in federal prison,” she said.
Qin pleaded guilty in February, admitting he carried out the fraud when he owned and controlled two Manhattan-based cryptocurrency investment funds, Virgil Sigma and VQR.
Qin, who was ordered to forfeit $54.7 million, told Caproni that he had learned through his crime that success, money and fame were not what was important in life.
“I know now that the world is not a video game,” he said. “I deserve the punishment that I’m going to receive today. I will spend the rest of my life trying to make up for the pain I’ve caused. I am so, so, so sorry.”
He was ordered to report to prison Dec. 15.