Escobar Fold Phone Scamster Pleads Guilty, Faces 20 Years

Olof Kyros Gustafsson, former CEO of the company behind the infamous Escobar Fold 1 and 2 phones, has pleaded guilty to fraud and money laundering. Gustafsson and Escobar, Inc. took orders for phones and other products, but failed to deliver them, instead pocketing customer funds. They also sent products to tech reviewers and influencers to boost sales. The 'Escobar Fold 2' was revealed to be a rebranded Samsung Galaxy Fold with a gold sticker. Gustafsson faces up to 20 years in prison and $1.3 million in restitution.