24 year old Asian Aussie Stefan He Qin has been jailed for 7.5 years in December last year, after pleading guilty to securities fraud in New York. Qin apparently cheated over 100 investors in a Crypto Ponzi scheme out of $123 million and was spending it lavishly and extravagantly. It is stated that he had a sugar baby addiction ( which was what led to his arrest and persecution) and he rented a penthouse in Lower Manhattan for $35,000 a month.
In an interview with EST Media, conducted just days before he was put in jail, he said that he has been suffering from depression and had suicidal tendencies due to being bullied in high school and stated that he feels this is what led him to do what he did.
He also blamed the insecurity of Asian Australian culture on being successful at all costs – to be honest that is not an excuse in our opinion. Originally from Canberra, he said after a breakdown in his first year of uni at UNSW, he took a job at OKCoin in 2015. He quickly learned the trade and became successful in trading Crypto currency.
He also states that another contributing factor to his criminal behaviour was his ex-girlfriend whom he madly loved and cheated on him with someone else.
Here is a few things he told EST Media:
Long story short because my co-founders left now I was the one who was 100 per cent in control of the entire company and if you’re 21 years old and you’re the only one with access to all these bank accounts that’s a recipe for disaster and that’s essentially what happened.
Honestly, this is so f**ked up to say but the only reason I had a three-bedroom place was because I had three sugar babies at any given point of time… and that’s my biggest regret because that’s what I spent the money on.
Because if it was material stuff, if it was stuff like cars … at least the (US Securities and Exchange Commission) can take that and sell that. How can they get money back from sugar babies?
That is all we will say on this topic.
Images via YouTube