Norwegian authorities have prosecuted four men in connection with a large-scale investment scam that allegedly defrauded investors of NOK 963 million ($86.5 million) between March 2015 and November 2018.
According to Økokrim, Norway’s economic crime agency, the operation worked by encouraging people to buy “product packages” containing digital assets. However, the only money flowing in came from new investors, making it a classic Ponzi scheme.
Prosecutors claim more than NOK 700 million ($62.7 million) was laundered through a Norwegian investment firm before being transferred to accounts in several Asian countries.
The four accused are Norwegian men in their 50s, 60s, and 70s. Three are suspected of collecting money from investors, while the fourth is accused of handling the laundering process.
Among the accused is Terje Hvidsten, a former art dealer with previous fraud convictions. Another suspect, Dag Hætta Eriksen, also has a criminal record related to fraud and corruption. The remaining two suspects include a 52-year-old from Romerike, who denies any wrongdoing, and a 70-year-old former lawyer accused of laundering funds.
The scheme operated under different names, including Crypto888 Club, Octa Partners, and Nano Club. Each rebranding introduced a new cryptocurrency—OctaCoin, NanoCoin, and Ormeus Coin.
Please guys let's be careful, crypto scams are getting crazier by the day
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https://www.bitdegree.org/crypto/news/87-million-crypto-scam-exposed-norway-charges-four-suspectsThe level fraudulence activities in the world now is becoming unbearable and if drastic measure is not put in place to curtail fraudulence activities it will be very dangerous to what the impact will be in the near future because many people are now seeing fraud as a career.
I think the best way to comb fraudulence activities across the world is to put a dead penalty to anyone found guilty of fraud.
As for those four men, they should be sentence to dead if they are found guilty of the crime labelled against them to serve as a warning to other fraudster or to anyone that is aspiring to be a fraudster.