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

  • Roger Nils-Jonas Karlsson, 45, communicated with his victims, encouraging them to invest in various fictitious schemes, according to an announcement by the U.S. Department of Justice Thursday.
  • Karlsson directed his victims to make their investments using cryptocurrencies such as bitcoin 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 kilograms 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 in prison and fines of up to $250,000 and $500,000 respectively.

See also: Crypto Crime Siphoned Off Nearly $10.5B in 2020: Research

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