A Swedish man has pled guilty to charges of securities fraud, wire fraud and money laundering that defrauded upward of 3,500 victims of more than $16 million in crypto.

Roger Nils-Jonas Karlsson, 45, communicated with his victims, encouraging them to invest in various fictitious schemes, according to an announcement by the U.S. Department of Justice Thursday.Karlsson directed his victims to make their investments using cryptocurrencies such as bitcoin and has admitted to defrauding no fewer than 3,575 victims of more than $16 million between November 2012 and June 2019.Operating under several aliases, Karlsson used the website of his company, Eastern Metal Securities, to advertise investment in a "Pre Funded Reversed Pension Plan" at $98 per share where investors would receive payout of 1.15 kilograms of gold per share.Karlsson's arrest in Thailand in June 2019 was followed by his extradition to the United States and his indictment the following month.The charges of fraud and money laundering each carry a maximum penalty of 20 years in prison and fines of up to $250,000 and $500,000 respectively.

See also: Crypto Crime Siphoned Off Nearly $10.5B in 2020: Research