A Swedish crypto fraudster who targeted the US public within the US has finally be served justice as the Court has awarded a 15-years of sentence in federal prison. The court found the person accused guilty as charge and noticed that he alone defrauded thousands of Americans and looted US$ 16 Million from them.

It is a rare sight that a crypto fraudster is brought before the Courts to face the trial. However, such instances are increasing in the US as the Courts have been laying down the law which is otherwise lacking globally.

A judgment has been announced on 8th July 2021 by the Department of Justice of the US (DOJ). The judge decided the case in favor of the victims and against the fraudster, who apparently is a national of Sweden. While writing the judgment, the DOJ decided that Roger Nils-Jonas Karlsson is found guilty of committing fraud upon the US citizens.

This Swedish person has been booked for committing a mega crypto scam upon the public of the US. It has been alleged that the list of his victims goes above multi-thousands of people. A loss of US$ 16 Million approximately has been caused by the victims.

The DOJ also revealed that Karlsson was taken into custody in June 2019 when he was hiding in Thailand. When he was brought before the DOJ for the purposes of facing the trial, he admitted that he cheated upon people. The first hearing of his trial took place in the month of March 2021.

It has been alleged in the lawsuit that Karlsson had operated and maintained a crypto fraud business. This illegal business he managed to keep running for almost 9 years since 2011 until he was arrested in Thailand. He particularly targeted Bitcoiners and made them pay in Bitcoins and purchase shares of companies. He received payments from Bitcoiners under a scheme known as “Eastern Metal Securities”. Here he offered the public the chance to own stocks by paying him in crypto funds.

For ensuring the success of his fraudulent scheme, Karlsson told investors that they will become rich in a matter of few days. He promised to them that their profits will be given to them in the form of gold. However, when money started to come into the scheme, he continuously transferred funds into his personal accounts. The money was then used by him for owning certain luxury apartments and expensive houses, a resort, and a racehorse in Thailand.

DOJ noted in the judgment that Karlsson specifically targeted relatively unsecured individuals who had even borrowed loans from banks. He caused huge financial loss, misery, and agony upon those who gave him their money in trust.

After ordering for his imprisonment, the Court also said that it will pass further orders of restitution. It is said that the restitution order will be passed within a period of three months.

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