The verdict: 20 years in prison for the Swedish fraudster

Sebastian Greenwood

Swedish crypto fraudster sentenced to 20 years in prison Peter 

 

Peter Schwartz

 

Updated 19:09 | Published at 6:13 p.m 

 

News  

 

Swedish Karl Sebastian Greenwood, 46, tricked people into investing in the cryptocurrency OneCoin - and over SEK 40 billion went up in smoke.  

 

Today came the verdict against the fraudster.  

 

Karl Sebastian Greenwood from Östermalm in Stockholm is sentenced to 20 years in prison in an American court.  

 

Karl Sebastian Greenwood traveled the world, often by private jet, to launch OneCoin. Photo: Private  

 

Through the made-up cryptocurrency OneCoin, he, together with Bulgarian Ruja Ignatova, defrauded people from all over the world of over SEK 40 billion before he was arrested in Thailand in 2018.  

 

Ignatova has been internationally wanted since 2017 and charged in absentia.  

 

Around 60,000 Swedes are said to have invested in OneCoin.  

 

According to the prosecutors, he should have earned around SEK 200 million a month from the fake currency.  

 

Greenwood has been in custody in New York for five years on suspicion of fraud and money laundering. In December, he pleaded guilty to three charges.  

 

Tonight's sentence means that Greenwood will be imprisoned for another 15 years. The five years he spent in custody awaiting the verdict are written off the sentence.