The Police in Thailand apprehended a Swedish crypto scammer wanted by the Depart of Justice. The con-artist named Roger Nils-Jonas Karlsson is a 47 years old criminal mastermind running a sham investment business. According to the DOJ investigation, Karlsson defrauded around 3,500 victims and raked in $16 million.

He has been running a crypto-related scam and targeting financially unstable people. He offered high returns to his victims and promised them a get-rich-quick scheme. The law enforcement agency is also seeking restitution from him to compensate his victims. The court has sentenced him to 15 years in jail and ordered him to dissolve his assets at large.

The Swedish scammer was running an investment firm named Eastern Metal Securities. He asked his victims to buy shares from his sham organization and pay him in cryptocurrencies. He also told his victims that his shares were tied to the value of gold. To keep fooling his victims, he also showed them fake account statements and updated offers.

In reality, all the funds were deposited into his accounts. He was using these funds to support an extravagant lifestyle. He owned a resort in Thailand, paid for a luxury apartment, and even owned an expensive breed of a racing horse. According to the police investigation, he was not doing anything to make more money except tricking unsuspecting victims.

The Northern District of California District Attorney’s office has been directed by the court to submit the details of his financial exploits and list of victims at the earliest. Karlsson is expected to pay back around $16.263 million in addition to the restitution fees. The restitution order will be issued by the court in the next 90 days. Karlsson has also pleaded guilty in court.

He is currently facing charges for money laundering, wire transfer fraud, securities deception, and falsified representation. He claimed that he was working in tandem with the Securities and Exchange Commission of the United States to win the trust of his victims.