Friday, March 21, 2025

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Swede behind giant fraud – sentenced to 20 years in prison

Published 13 September 2023
– By Editorial Staff
Karl Sebastian Greenwood.

Karl Sebastian Greenwood, a 46-year-old native of Stockholm, is identified as the brain behind one of the biggest scams ever. Through the fictional cryptocurrency OneCoin, he, along with the so-called “Crypto Queen”, Ruja Ignatova, tricked investors from all over the world into investing over SEK 40 billion. Now a court in New York has sentenced him to 20 years in prison.

Sebastian Greenwood, who began using his middle name Karl as a nickname, was arrested in Thailand in 2018 after tricking people around the world into investing in a cryptocurrency that did not exist. His accomplice, Ruja Ignatova, is internationally wanted since 2017 and was charged in absentia, Bloomberg reports.

Between 2014 and fall 2016, despite total investments of 40 billion, OneCoin had revenues of over 30 billion according to the FBI. Profits during this period amounted to over 20 billion SEK.

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

Karl takes full responsibility for what he has done and deeply regrets his actions,” his defense lawyers said, according to Swedish news outlet SvD.

Despite his confession and the time he spent in custody, the court chose to sentence him to a total of 20 years in prison. The five years Greenwood spent in custody will be deducted from the total sentence, meaning he has 15 years left to serve.

Around 60,000 Swedes are said to have invested in OneCoin. Greenwood’s defense asked the court to consider his remorse and the suffering of his parents, who, according to the defense lawyers, are “paralyzed by the fear of not seeing their son return home”.

The maximum sentence for each crime he was charged with was 20 years. Given the seriousness of the charges and the scale of the fraud, the court chose to impose a severe sentence, despite the defense’s request for a lighter sentence or extradition to Sweden.

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Swedish food retail in few hands – ICA and Axfood dominate

Published yesterday 13:12
– By Editorial Staff
The discount chains that exist in many parts of Europe have never managed to establish themselves in Sweden.

In Sweden, only five players control 98% of food sales, an unusually high level of market concentration compared to the rest of Europe. Experts say the limited competition makes it difficult for smaller companies to enter the market and can drive up prices.

Food prices in Sweden have risen by 25% in just three years, while grocery chains are posting high profits and their executives are receiving million-dollar bonuses. Over the past week, Swedes have been urged to boycott the major food chains in protest at the high prices, which the campaigners say are due to a lack of competition.

Sweden stands out in Europe with an unusually high concentration of ownership in the food industry. A handful of players dominate 98% of the market, with ICA and Axfood being the largest with 49.9% and 21.9% respectively in 2023. Coop accounted for 17%, while Lidl and City Gross had a market share of 6.4% and 3.2% respectively in 2023. Axfood includes Willys, Hemköp, Tempo and last year, in 2024, City Gross was also bought by the group.

Few countries have a food market dominated by such a small number of players, according to Christian Jörgensen, PhD in economics and researcher at the Agrifood Economics Center at Lund University.

– This is partly due to Sweden’s many sparsely populated areas, where larger players find it easier to establish themselves. Partly because the low-price chains, which are found around Europe, have never really gained a foothold in Sweden, he says to TV4 News.

Swedish prices increasing faster than Finnish

Food prices have increased in several European countries, including Slovakia, Estonia and Lithuania, where they have risen at record rates. However, there is a big difference between Sweden and neighboring Finland, where prices have risen the slowest in the EU. In comparison, prices in Sweden have risen two and a half times as fast as in Finland, according to the Finnish public broadcaster Yle.

According to Jörgensen, the high food prices in Sweden cannot be attributed to a single cause, but several factors may be at play. It is also difficult to determine whether some operators are charging unjustifiably high prices. At the same time, he believes that the concentrated market may well contribute to higher prices.

– It is incredibly difficult for smaller players to break into the market, and the fewer players, the higher the risk of a lack of competition, which can increase prices, he says.

Swedish oligarch condemns boycott against food giants

Published yesterday 11:49
– By Editorial Staff
Jacob Wallenberg says that Swedish food prices have increased less than the EU average in recent years.

The chairman of the Confederation of Swedish Enterprise (Svenskt Näringsliv), Jacob Wallenberg, takes a very negative view of the ongoing boycott against the Swedish food giants and believes that they are not to blame for the soaring food prices.

The Nordic Times has previously highlighted how food prices have increased by an average of 25 percent in just three years and that many individual food products have become many times more expensive than that.

At the same time, ICA and other large food chains are making profits in the billions, and as an act of protest, many Swedes are therefore choosing to participate in a widespread boycott against the large grocery stores.

In general, I would like to see a price reduction on all basic goods, at least most of them, that people are forced to buy, explains 27-year-old Filippa Lind.

“Directing anger at the wrong people”

Not everyone supports the boycott. Jacob Wallenberg, chairman of the Confederation of Swedish Enterprise, Investor, and SEB, argues that ICA and other major retail chains, despite their billion-dollar profits, should not be blamed for the sharp price increases.

This is directing our anger at the wrong people, which I find unfortunate, he told TT.

I understand that people think it is expensive to buy food, that people are being squeezed. But it would be wise if the discussion was about facts, he continues.

“Crop failures and inflation”

According to Wallenberg, Swedish food prices have risen less than the EU average over the past four years, and he believes several factors are driving the price increases.

It’s not individual grocery stores that have created this situation. It’s crop failures, inflation, and more. The same situation exists across Europe.

Today, ICA, Axfood, and Coop control about 90% of Sweden’s grocery market, with ICA being the dominant player, holding roughly 50% of the market share.

Last year, ICA Sweden reported a gross profit of SEK 26 billion (€2.4 billion) – but despite this, CEO Eric Lundberg says they are “doing everything we can to help customers”.

Swedish e-identification Freja goes global

Published yesterday 8:13
– By Editorial Staff
Last year, Freja passed one million users.

Swedish e-ID Freja expands – offers international e-ID without the need for a Swedish personal identity number (personnummer).

Freja is a state-approved, mobile e-identification used for identification and developed in Sweden. The service offers both identification for private individuals, but also provides the opportunity for companies to obtain an organizational ID for their employees. Sweden is one of the countries where e-identification is most developed and Freja in particular has received a lot of requests.

– We clearly notice that many countries have now matured and are preparing to introduce e-identification according to the Nordic model, said Johan Henrikson, CEO of Freja eID Group, according to Dagens Infrastruktur last year.

Freja has now developed an international ID that is approved for users outside Sweden and for those without a Swedish personal identity number, they write in a blog post.

With the international e-ID, users get a Unique Personal Identifier (UPI) instead of a social security number and in total it is available in 167 countries.

Freja’s international eID is the only trust level 3 (LoA3) eID approved for users without a Swedish personal identity number.

Swedish Government: Private care companies sell ADHD diagnoses

Published 19 March 2025
– By Editorial Staff
Jakob Forssmed notes that the rapid increase in ADHD diagnoses shows no signs of slowing down.

More Swedish children than ever before are being diagnosed with ADHD, and the government believes that private care companies are largely to blame for the extreme increase.

– There is a structure here that in practice means that diagnoses are sold for payment, explains Social Affairs Minister Jakob Forssmed (KD).

The government notes that long waiting times in health care have long been a major problem in Sweden and especially in specialized psychiatric care.

This is said to have led to more and more people choosing to turn to privately funded providers instead – not least for the assessment, investigation and treatment of neuropsychiatric disabilities.

– Today, there are a large number of private providers offering ADHD assessments and medication alongside publicly funded care. We must ensure that people’s patient safety is not compromised by this and, in addition, also analyze how it affects other patients and the healthcare system as a whole, says Minister for Social Affairs Jakob Forssmed.

The Minister is highly critical of the way many private operators work and says that it often seems to be a case of healthcare companies charging patients for diagnoses.

– There are so many indications that these are set in such a way that one can suspect this and it is clear that then it has consequences for health care.

Want to get rid of “opportunists”

– You may not be able to trust these diagnoses when they are made in this way. Individuals do not receive support and help regarding a possible co-morbidity. It is not a person-centered care but a diagnosis-centered care, and it needs to be reviewed of course, he continues.

Forssmed also points out that private healthcare providers often market themselves by promising quick results, that the investigation can be carried out in whole or in part remotely on the internet, or that the patient will even get their money back if there is no diagnosis.

– We need to ensure that healthcare resources are used properly and that it is provided by serious actors and not by opportunists who mislead people into seeking answers in individual diagnoses.

The increase continues

It should be emphasized that the Moderate-led government is basically positive to private care companies and does not want to ban them from conducting ADHD investigations.

However, it does want the Health and Social Care Inspectorate to carry out a special inspection of private care providers and the Agency for Health and Social Care Analysis to map and analyze the risks of certain privately funded care.

According to a forecast by the National Board of Health and Welfare, approximately 15% of boys in Sweden and almost 11% of girls will be diagnosed with ADHD in the future. Between 2019 and 2022 alone, the number of diagnoses among children and young people increased by as much as 50% but no concrete reason for the increase has been established.

We see no tendency for the increase to slow down, says the Minister for Social Affairs.

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