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US Sentences Crypto Fraudster to fifteen Years in Penal complicated After Duping Hundreds of Traders

US Sentences Crypto Fraudster to fifteen Years in Penal complicated After Duping Hundreds of Traders

A Swedish man has been sentenced to 15 years in prison in the U.S. for an investment fraud scheme keen cryptocurrency, in conjunction with bitcoin. He defrauded hundreds of victims of more than $16 million.

  • The U.S. Department of Justice (DOJ) announced Thursday that a “cryptocurrency fraudster” has been sentenced to 15 years in prison “for securities fraud, wire fraud and money laundering costs that defrauded hundreds of victims of more than $16 million.”
  • Roger Nils-Jonas Karlsson, a 47-365 days-ancient Swedish man, changed into once arrested in Thailand in June 2019. He pleaded responsible on March 4.
  • In accordance with courtroom paperwork, Karlsson ran an investment fraud scheme from 2011 except his arrest. He equipped shares in the scheme known as “Eastern Metal Securities” the usage of cryptocurrency equivalent to bitcoin and other online price platforms. He promised victims “enormous returns” tied to the value of gold.
  • Nonetheless, Karlsson transferred the victims’ funds to his non-public bank accounts and frail the money to purchase pricey properties, a racehorse and a resort in Thailand, the DOJ detailed, elaborating:

Karlsson’s fraud focused financially insecure investors, causing severe financial hardship for a big selection of them.

  • In notify to lengthen his flawed investment scheme, Karlsson deployed several methods, in conjunction with rebranding and falsely claiming to be working with the U.S. Securities and Trade Commission (SEC). The Justice Department stated:

As half of the sentence, Karlsson changed into once also ordered to forfeit a Thai resort and a big selection of other properties and accounts, and issued a money judgment in the amount of $16,263,820.

  • The DOJ added that the U.S. “is in quest of restitution on behalf of Karlsson’s victims,” noting that “A restitution notify is anticipated to be entered by the courtroom within 90 days.”

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