<h1>U.S Authorities Extradite Swedish Businessman Over $11M Bitcoin Fraud</h1>
A swedish businessman has been accused of running a business that lure investors to make investments using crypto such as Bitcoin. The man has been extradited from Thailand to face charges in the United States.

According to a press <a href="https://www.justice.gov/opa/pr/alleged-cryptocurrency-fraudster-extradited-thailand-face-charges-multi-million-dollar">announcement</a> on November 18 from the U.S Department of Justice (DoJ);  Roger Nils-Jonas Karlsson, 45, was initially arrested in Thailand in June for alleged securities fraud, wire fraud and money laundering. Prosecutors allege Karlsson defrauded more than 3,500 victims for over $11 million in cryptocurrency fraud.

Moreover, the Swedish man allegedly used Eastern Metal Securities, as well as an array of false online identities, to persuade investors into paying $98 per share; in the company on the promise of an eventual payout of 1.15 kilograms of gold per share.

In addition, Karlsson used two websites - easternmetalsecurities.com and hci25.com - to make multiple false communications to potential investors. For instance, on an occasion, he did not pay out to investors because “releasing so much money all at once could cause a negative effect on financial systems throughout the world.” Karlsson also falsely represented that Eastern Metal Securities was working with the U.S. Securities and Exchange Commission (SEC) organize a payout.

Furthermore, he operated the business remotely. Karlsson took payment from investors using <a href="https://www.cryptoknowmics.com/crypto/hong-kongs-securities-regulator-to-issue-regulatory-framework/">cryptocurrencies</a> including Bitcoin; on the promise of returning 97% of the value of their initial investment in the event that the gold payout did not go to plan.

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<h2>Transferring Investor Funds to Personal Account</h2>
Additionally, Karlsson transferred victims funds into his own personal bank accounts. The account is now to be tied up in real estate in Thailand.

In conclusion, Karlsson made his first federal court appearance on Monday before U.S. Magistrate Judge Sallie Kim. The magistrate ordered Karlsson detained. The next hearing will be on Friday, November 22.  If convicted, Karlsson faces a maximum sentence of 20 years in prison; a maximum of $250,000 fine for the wire fraud and securities fraud charges; and 20 years in prison and a $500,000 maximum fine for the money laundering charge, as per the announcement. 

 

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U.S Authorities Extradite Swedish Businessman Over $11M Bitcoin Fraud

A swedish businessman has been accused of running a business that lure investors to make investments using crypto such as Bitcoin. The man has been... %

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U.S Authorities Extradite Swedish Businessman Over $11M Bitcoin Fraud

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