Swedish Crypto Scammer has been Convicted by the Department of Justice

Roger Nils-Jonas Karlsson, who is a Swedish citizen, has been convicted by the US Department of Justice to serve 20 years in jail and a fine of 250 thousand USD. Karlsson was running a massive crypto fraud operation in the country since 2019. He goes by many nicknames like Steve Heyden, Euclid Deodoris, Paramon Larasoft, Kenth Westerberg, and many more. 

Karlsson has pleaded guilty to charges of securities con, wire fraud, and money laundering. Over the course of his conman career, he duped about 3,500 victims. The 47 years old cybercriminal raked in about $16 million. He primarily used this money to invest in properties in Thailand. The con artist was running operations under the guise of Eastern Metal Securities (EMS). 

How a Single Man Steals Millions of Dollars from Thousands of US Citizens?

Karlsson took advantage of his countless disguises and posed as a broker who deals in cryptocurrencies. He asked the clients to put in about $100 to buy the shares of his company. Just like all scam artists, he also promised big money returns on the shares. His victims believed that they would get a return of $45,000, equal to 1.15 Kg gold. 

In reality, all the amount from the investors would go directly to his personal account. He also promised his investors a guaranteed return of their original amount at about 97%. However, during his conviction hearing, he admitted that he had no way of returning the investors’ money. The government of Thailand extradited him and handed him to the authorities in the United States.

The Department of Justice Issues Strict Warning to Investors, Traders, and Brokers

Letitia James, NYC General Attorney, appealed to the investors and traders to take extreme caution before investing in any blockchain project. She advised the citizens to learn to manage their risks as cryptocurrencies are extremely volatile and unpredictable commodities. James also pointed towards the recent crackdown of Coinseed and Bitfinex by DoJ.

She proceeded to extend a cautionary warning to the blockchain operators and brokers and told them that anyone who would violate the rules would face a harsh trial and a severe punishment.