Cryptocurrency

Crypto Fraudster Who Robbed 3,500 Victims of Over $16M Pleads Guilty

A Swedish man has pled guilty to charges of securities fraud, wire fraud and money laundering that defrauded upwards of 3,500 victims of more than $16 million in crypto.

  • Roger Nils-Jones Karlsson, 45, communicated with his victims encouraging their investment in various fictitious schemes, according to an announcement by the Department of Justice Thursday.
  • Karlsson directed his victims to make their investments using cryptocurrencies such as bitcoin (BTC, -4.14%) and has admitted to defrauding no fewer than 3,575 victims of more than $16 million between November 2012 and June 2019.
  • Operating under several aliases, Karlsson used the website of his company Eastern Metal Securities to advertise investment in a "Pre Funded Reversed Pension Plan" at $98 per share where investors would receive payout of 1.15 kg of gold per share.
  • Karlsson's arrest in Thailand in June 2019 was followed by his extradition to the United States and his indictment the following month.
  • The charges of fraud and money laundering each carry a maximum penalty of 20 years imprisonment and fines of up to $250,000 and $500,000 respectively.