Oh, Norway, the land of fjords, fish, and now, financial fiascos! Norwegian authorities have indicted four men for allegedly swindling thousands of investors in a cryptocurrency investment scheme, only to launder the ill-gotten gains through the accounts of a law firm. Quite the Scandinavian shenanigans, don’t you think? 🇳🇴💰
According to Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim), the alleged scam collected a whopping 900 million Norwegian kroner ($80 million) from victims worldwide. Prosecutor Joakim Ziesler Berge stated, “We believe this is a large and extensive fraud… We are talking about a large number of victims in many countries who have lost their money and significant sums that have ended up with the defendants.”
“We are talking about a large number of victims in many countries who have lost their money and significant sums that have ended up with the defendants.”
—Joakim Ziesler Berge, Økokrim State Prosecutor
The alleged schemers lured investors with promises of shares in the investments and profits of an extensive and highly profitable business that made significant investments in gas, mining operations, and real estate. But, plot twist! Økokrim claims the scheme made “no significant investments” beyond these deposits and had no earnings. Instead, they relied on existing investors to recruit fresh victims from their friends and acquaintances.
To make matters even more complicated, Norwegian authorities allege that over 700 million Norwegian kroner ($62 million) was laundered through the accounts of a local law firm and other accounts of several different companies in Asia. As Økokrim put it, “The use of client accounts and company structures in Norway and internationally has complicated the work of uncovering what happened to the money.”
The four alleged schemers are Norwegian men in their 50s, 60s, and 70s who operated the scheme between March 2015 and November 2018. Three of the men are charged with helping collect the money, while the fourth is charged with contributing to money laundering. The trial is set for Oslo District Court in September and is expected to run for over 60 days. Will these cunning crypto-cons face justice, or will they wriggle out of it like a fish in the fjord? Only time will tell! ⚖️🐟
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2025-02-19 04:26