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In SDNY Stefan Qin Gets 90 Months After Kraken & CoinBase Accounts Were Frozen

By Matthew Russell Lee, Exclusive Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, Sept 15 – Back on December 23, 2020 as covered by Inner City Press, an asset freeze against Stefan Qin's Sigma Fund was sought and obtained by the U.S. Security and Exchange Commission.

No defense lawyer was present.

Inner City Press covered and live tweeted it, here and below (and added more on Patreon here)

 Now after pleading guilty on February 4, on September 15 Stefan He Quin has been sentenced to 90 months in prison.

Inner City Press put the Information / complaint is on Patreon here.

The US Attorney for the SDNY previously announced that "STEFAN HE QIN, 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, was charged with one count of securities fraud and pled guilty today in Manhattan federal court.  For years, QIN stole investor money from Virgil Sigma and, in December 2020, QIN tried to steal investor money from VQR to pay back his investors in Virgil Sigma.  QIN pled guilty today before United States District Judge Valerie Caproni."

From December 2020: It's 7 pm and the SEC has gotten an ex parte hearing to freeze accounts, before U.S. District Court for the Southern District of New York Judge Lorna G. Schofield.

"Qin, Virgil Capital & Sigma Fund 'held millions worth of digital assets at 39 trading platforms."  SEC lawyer Susan Lamarca said she spoke with defendant's lawyer, who said they would only appear if required.

SEC: "This is ex parte, to freeze assets."

 SEC: "Qin is a citizen and resident of Australia and part-time resident of New York. He is currently believed to be in Seoul, South Korea and owns these LLCs through Virgil Technologies LLC, domiciled in the Cayman Islands."

 SEC: "Qin claims to use a proprietary trading algorithm for the Sigma Fund to generate better returns that an investment in Bitcoin." SEC asks: "defendants to disgorge their ill-gotten gains according to proof, plus perjudgment interest thereon."

SEC lawyer says the assets are in CoinBase and Kraken, who are temporarily maintaining a compliance hold. But it could end anytime. "It won't last long." 

SEC: we spoke with both platforms. They agreed to maintain the hold for a couple of days.

Now Qin knows 

SEC lawyer: we've spoken with a lawyer who represents Qin in another investigation. We reached out to him. Judge Schofield: I am prepared to enter the temporary restraining order and freeze the assets of the entity defendants, and a document preservation order

Judge Schofield: I would not put the account numbers in a public order. Should I put it in a sealed appendix?

 SEC lawyer: You do not need to put it in an order. We may found other accounts. Numbers are not necessary at all.

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