Ethereum
$ 1,187.85 2.68%
Solana
$ 38.45 4.28%
Dogecoin
$ 0.072158 2.24%
ApeCoin
$ 4.78 4.50%
Bitcoin
$ 20,747.00 2.30%
BNB
$ 234.00 1.46%

Crypto scammer Roger Karlsson bags 15 years jail term

Crypto

TL;DR Breakdown

  • US jails Swedish crypto scammer Roger Karlsson
  • Karlsson used proceed of his crime live a luxorious life
  • 15 year jail term would come as a relief to the victims of crypto scammers

It is jail time for Roger Nils-Jonas Karlsson, a notorious crypto scammer who has been into crypto scams for many years.

Karlsson, 45-year old was bursted in 2019 after over 3,000 innocent people had fallen for his complex crypto scam. The scammer who hails from Sweden had stolen not lesser than $16 million in a crypto scam, the U.S. Department of Justice revealed.

He also pleaded guilty and admitted to charges leveled against him in March and was extradited to the U.S. from Thailand.

The crypto scammer pleaded guilty to being involved in securities fraud, wire fraud, and money laundering charges. Karlsson bought fancy homes, a racehorse and a resort in Thailand after would-be investors plugged cash into his scheme, “Eastern Metal Securities.”

About crypto scammer Karlsson project

His “Eastern Metal Security” project lured people to buy shares in a fraudulent online investment program using cryptocurrencies like Bitcoin, the DoJ said.

He promised juicy returns to investors stakes as he received funds through U.S.’s biggest crypto exchange, Coinbase. He used the platform to launder cash.

Karlsson’s scheme preyed on “financially insecure investors” and caused “severe financial hardship for many of them,” the DoJ said.

The crypto scammer went to great lengths to prolong his scheme, including rebranding, offering updates and account statements that provided assurances to the victims of the states of their assets, and offering explanations for the payout delays – including falsely claiming to be working with the Securities and Exchange Commission (SEC).

The court along with his 15 years jail term ordered him to forfeit a Thai resort and various other properties and accounts. A restitution order for his victims would be launched in 90 days.

Victims of Roger Karlsson and Eastern Metal Securities who have not been in contact with the U.S. Attorney’s Office for the Northern District of California have been encouraged to submit information as soon as possible.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related News

Hot Stories

Cryptopolitan to host Vidma in upcoming Web3 Masterminds session
Bitcoin price analysis: BTC retests $21,500, swift drop to $20,000 incoming?
Eminem promotes a BAYC video alongside Snoop Dogg
Ossification of Bitcoin
Bitcoin, Binance Coin, Filecoin, and Helium Daily Price Analysis – 27 June Morning Price Prediction

Follow Us

Industry News

Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records
Anonymous plans to bring Do Kwon to justice
Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b