Rashawn Russell has been arrested and faces up to 20 years in prison.

An investment banker who formerly worked for a firm believed to be Deutsche Bank has been charged with cryptocurrency fraud, U.S. authorities said April 11.

The U.S. District Court for the Eastern District of New York issued a statement saying that LaShawn Russell was arrested on April 10 and, if convicted, he will be tried and sentenced to up to 20 years in prison; he is currently considered innocent.

An April 6 legal filing alleges that Russell defrauded investors by promising that he would use their funds to make profitable cryptocurrency investments.

Russell promised “generous and sometimes guaranteed” returns on the aforementioned cryptocurrency investments. He sometimes claimed to have created a cryptocurrency trading strategy involving altcoins that was able to generate returns of more than 100% in three months.

Russell was also charged with wire fraud for allegedly sending investors documents he forged or altered to misrepresent the status of their investments.

Official documents show Russell solicited investments from former colleagues including friends, university classmates and colleagues at a financial institution.

Although official documents only mention that Russell worked as an investment banker at an unnamed financial institution, Bloomberg's report shows that he worked as an investment banker at German multinational Deutsche Bank.