July 12, 2021: -On Thursday, a Swedish man wanted by the U.S. for defrauding above 3,500 victims of over $16 million has been sentenced to 15 years in prison due to securities fraud, wire fraud, and money laundering, according to the Department of Justice.

The DOJ said that the 47-year-old Roger Nils-Jonas Karlsson ran an investment fraud scheme from 2011 till he got arrested in Thailand in June 2019. He pleaded guilty in March.

Karlsson encouraged victims to buy shares in a scheme known as “Eastern Metal Securities” using cryptocurrencies such as bitcoin, promising “astronomical returns” tied to the price of gold, according to court documents.

The victims who paid the fund were instead directed to Karlsson’s bank accounts, where the money was put for expensive homes, a racehorse, and a resort located in Thailand.

Karlsson has been ordered to forfeit this Thai resort and a few other properties and accounts as part of the sentence.

Karlsson maintained the ruse by offering updates and account statements to victims. He clarified delayed payouts by claiming to be working with the Securities and Exchange Commission, which is not true.

Karlsson’s fraud can target financially insecure investors, and the U.S. is seeking restitution on behalf of those victims.

In addition to paying back $16,263,820, a restitution order is expected to be entered by the court within 90 days.

Victims not in contact with the U.S. Attorney’s Office for the Northern District of California are encouraged to submit information soon.