Con Man Sentenced|to 46 Months

SAN DIEGO (CN) - A San Diegan was sentenced Thursday to 46 months in federal prison for bilking investors of more than $2 million by selling them counterfeit and forged securities in Anturion Limited while he was an executive in the company.

Svein Erik Ulsteen, 50, spent the money on himself - including a yacht and a BMW, the U.S. Attorney's Office said. He was sentenced separately for failing to pay $400,000 in federal taxes.

Ulsteen has been in jail since he was arrested on Dec. 16, 2013, about to board a plane to return to his native Norway.

U.S. District Judge M. James Lorenz on Thursday rejected Ulsteen's request to be released. "There are too many victims out there that have lost everything because of your greed," the judge said. "You're just a con man."

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit