Olof Gustafsson, former CEO of Escobar Inc., has pleaded guilty to six counts of wire and mail fraud and money laundering. Gustafsson marketed a foldable phone called the Escobar Fold 2, which he claimed offered cutting-edge features for $399. However, the device was merely a repackaged Samsung Galaxy Fold with added gold foil.
Gustafsson never delivered the device to customers but instead sent out fake products and documentation, including a book about his brother’s fictional plan to dominate the smartphone industry. He pocketed over $307,000 from these schemes between 2019 and 2020. Investigators eventually caught on and arrested Gustafsson in Spain in December 2023, extraditing him to the US to face charges that could result in up to 20 years in prison.
Source: https://uk.pcmag.com/mobile-phones/159229/surprise-the-pablo-escobar-phone-was-a-scam-creator-pleads-guilty-to-fraud