Title: Swedish Fraudster Behind OneCoin Scam Sentenced to 20 Years in Prison
Subtitle: Karl Sebastian Greenwood loses his freedom after defrauding investors of over SEK 40 billion
Date: Updated 18:39 | Published at 6:13 p.m.
Karl Sebastian Greenwood, a Swedish national known for his luxurious lifestyle and extravagant travels, has been handed a severe punishment for his involvement in the OneCoin cryptocurrency scam. Greenwood, 46, deceived individuals worldwide into investing in OneCoin, resulting in losses totaling over SEK 40 billion. Today, an American court delivered a verdict that sentenced the fraudster to 20 years in prison.
Greenwood, a resident of Östermalm in Stockholm, alongside his collaborator Bulgarian Ruja Ignatova, masterminded the elaborate scheme that fooled thousands of people. The scam operated through the creation of a fictitious digital currency known as OneCoin. Before being apprehended in Thailand in 2018, the duo had managed to swindle victims across the globe.
Reports suggest that as many as 60,000 Swedish citizens fell victim to the OneCoin scam, placing their hard-earned money into an illusionary venture. Prosecutors estimate that Greenwood alone should have been raking in approximately SEK 200 million monthly from this fraudulent cryptocurrency.
The repercussions for Greenwood have been severe. The Swedish con artist has spent the past five years in custody, held in New York on charges of fraud and money laundering. In December, Greenwood ultimately pleaded guilty to three charges, further solidifying his guilt.
The case against Greenwood drew international attention due to its widespread impact on unsuspecting investors and the substantial financial losses endured. The outcome of the trial provides a sense of justice to those affected by the OneCoin scam, many of whom had placed their trust and money into this illusory digital currency.
With Greenwood’s sentencing, authorities hope to send a strong message to other fraudsters and cybercriminals, discouraging them from exploiting innocent individuals and undermining the integrity of the financial system.
For more information on the OneCoin case and its repercussions, please click here.