Norway convicts three in $2.65 million U.S. silver coin fraud case

Three Norwegians have been sentenced to up to two and a half years in prison following a major money laundering investigation involving tens of thousands of U.S. silver coins. The convictions, handed down by the economic crime unit Okokrim, stem from allegations that proceeds from a large investment scheme in the United States were converted into millions of dollars worth of American Eagle silver coins.

The discovery occurred in April 2025 after police stopped a swerving van in Baerum, west of Oslo. A second van was subsequently intercepted, leading to the recovery of nearly 67,000 coins valued at approximately 25 million Norwegian krone (about $2.65 million). This follows a previous discovery of 79,500 silver coins in 2019.

Public Prosecutor Jon André Hvoslef-Eide stated that the recovery of the silver allows for the potential return of misappropriated assets to the victims of the U.S. fraud. While the three Norwegians were convicted of organizing and storing the coins, two British nationals facing charges were acquitted. The verdict is subject to appeal.