Sven Erik Ulsteen, pleaded guilty to using forged and counterfeit securities to fleece more than $2 million from California investors, according to the U.S. Attorney’s Office.
Ulsteen, a 50-year-old Norwegian, entered his pleas in a San Diego federal courtroom April 9; he also admitted to concealing income from the Internal Revenue Service, defrauding the government of $200,000 in taxes.
He was being held on a $1 million bond because of “substantial risk” he would flee to his native Norway, a nation that doesn’t extradite accused criminals to the United States. In December, agents from the FBI arrested Ulsteen near his home in San Diego as he was attempting to return to Norway. He has been in custody since then.
According to federal prosecutors, Ulsteen admitted from November 2012 to December 2013 that he solicited investors to buy shares or lend money to a Channel Islands company, Anturion Limited, presenting forged and counterfeit securities. Investors in the company said they never received the shares, and only obtained some shares belonging to Ulsteen.
In the plea agreement, Ulsteen admitted he took money from investors and used it to pay for personal expenses and to wire money foreign bank accounts.
Ulsteen faces more than 10 years in prison and about $500,000 in fines when he is sentenced June 30.