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Roger Nils-Jonas Karlsson, a known crypto fraudster who has been involved in crypto scams for many years, has been sentenced to prison.

Karlsson, 45, was arrested in 2019 after he defrauded over 3,000 people with a complicated crypto scheme. According to the US Department of Justice, a scammer from Sweden stole at least $16 million in a cryptocurrency scam.

In March, he pleaded guilty and acknowledged the allegations brought against him, and he was extradited to the United States from Thailand.

The cryptocurrency con artist pled guilty to securities fraud, wire fraud, and money laundering offenses. Karlsson purchased opulent residences, a racehorse, and a Thai resort after potential investors poured money into his “Eastern Metal Securities” fraud.

Karlsson’s project, a crypto scammer

According to the Department of Justice, his “Eastern Metal Security” business enticed people to buy shares in a bogus online investment program using cryptocurrencies like Bitcoin.

As he accepted cash through Coinbase, the largest crypto exchange in the United States, he promised investors hefty returns. But, instead, he took advantage of the site to launder money.

According to the Department of Justice, Karlsson’s plan preyed on “financially unstable investors” and caused “serious financial hardship” for many of them.

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

In addition to his 15-year sentence, the court ordered him to forfeit a Thai resort as well as other assets and accounts. In 90 days, a restitution order for his victims would be issued.

Victims of Roger Karlsson and Eastern Metal Securities who have not yet contacted the United States Attorney’s Office for the Northern District of California are urged to do so as soon as possible.

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