Russell was indicted in April by federal prosecutors in Brooklyn, New York, accused of duping investors by promising them “guaranteed returns.”
This means Russell now intends to plead guilty, said a person familiar with the matter who declined to be identified because the matter isn’t public. At the time the case was announced, prosecutors didn’t allege wrongdoing by Deutsche Bank and it said it cooperated with law enforcement during the investigation.
Russell’s time awaiting trial hasn’t been trouble-free: Prosecutors in June accused him of violating the terms of his bond by going to gambling establishments and using other people’s names to obtain credit cards and access gaming websites.
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