Bitcoin news US Sentences Crypto Fraudster to 15 Years in Prison After Duping Thousands of Investors

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A Swedish man has been sentenced to 15 years in jail in the U.S. for an funding fraud scheme involving cryptocurrency, together with bitcoin. He defrauded hundreds of victims of greater than $16 million.

  • The U.S. Division of Justice (DOJ) introduced Thursday {that a} “cryptocurrency fraudster” has been sentenced to 15 years in jail “for securities fraud, wire fraud and cash laundering expenses that defrauded hundreds of victims of greater than $16 million.”
  • Roger Nils-Jonas Karlsson, a 47-year-old Swedish man, was arrested in Thailand in June 2019. He pleaded responsible on March 4.
  • In accordance to court docket paperwork, Karlsson ran an funding fraud scheme from 2011 till his arrest. He offered shares in the scheme referred to as “Japanese Steel Securities” utilizing cryptocurrency resembling bitcoin and different on-line fee platforms. He promised victims “astronomical returns” tied to the value of gold.
  • Nevertheless, Karlsson transferred the victims’ funds to his private financial institution accounts and used the cash to purchase costly properties, a racehorse and a resort in Thailand, the DOJ detailed, elaborating:

Karlsson’s fraud focused financially insecure traders, inflicting extreme monetary hardship for a lot of of them.

  • So as to lengthen his fraudulent funding scheme, Karlsson deployed a number of methods, together with rebranding and falsely claiming to be working with the U.S. Securities and Trade Fee (SEC). The Justice Division acknowledged:

As half of the sentence, Karlsson was additionally ordered to forfeit a Thai resort and numerous different properties and accounts, and issued a cash judgment in the quantity of $16,263,820.

  • The DOJ added that the U.S. “is looking for restitution on behalf of Karlsson’s victims,” noting that “A restitution order is predicted to be entered by the court docket inside 90 days.”

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