The Morgan Nilsen Files
Fraud · Disappeared · Thailand
The Morgan Nilsen Files
Truls Morgan Nilsen · fraud · InvestorAlliansen · Thailand
Norwegian scammer who raised 2.8 million NOK (approx. $260k USD) from 52 investors, fled to Thailand – and disappeared. Shareholders have not heard from him since 2024. All the money is gone.
The scam
Truls Morgan Nilsen, known as Morgan Nilsen, scammed 52 Norwegian investors through the InvestorAlliansen group and Formue Forum AS. He recruited investors through a forum he controlled, raised millions – and let the money vanish.
Shortly before the capital increase in May 2024, Nilsen fled: first allegedly to Hungary and Sweden to avoid exit tax, then to Thailand in the summer of 2024. From that moment, shareholders have not heard from him. No accounts, no explanation, no money returned.
All the money is gone – most likely straight into Morgan Nilsen's personal pocket. In June 2026, all companies in the group were declared bankrupt. Nilsen himself is still active on social media from Thailand – and covering tracks.
Overview
Nilsen owns Skaftet Holding AS, the parent holding company of the group, and served as CEO and board chair. Born . He used TikTok, Discord and YouTube to build trust with young, naive investors – before disappearing with their capital.
Background – the road to the scam
Elevorganisasjonen i Vestfold (2002)
As early as , Morgan Nilsen was mentioned in Tønsbergs Blad in the article «Elevorganisasjonen vil kjempe også uten penger». The photo caption identifies him as Truls Morgan Nilsen, and the article describes him as part of the new board of the student organisation in Vestfold.
The newspaper wrote that the organisation was completely broke after its annual meeting, and that 18,000 NOK given by the county to the board in 2000/01 was locked in an account only the former chair could access. According to the article, that former chair had disappeared, was not answering letters or phone calls, and had changed name.
The template shows up early here: inaccessible money, a vanished chair and a name change in the background. By the time Nilsen was facing a distraint lien of almost 1.5 million NOK to his ex-wife, he did not just have the incentive. He also had an apparent model for how money disappears and accountability disappears with it.
The TikTok career (2021–2024)
Morgan Nilsen started his «career» on TikTok in 2021 and kept it going through 2024. He talked about finance, politics, real estate and running a business, building a following of young people who saw him as an expert. It was through TikTok that he would later find customers for Formue Forum and InvestorAlliansen.
His most-used account was @morgannilsen84.
Clothing style
He was known for wearing a cap or t-shirt that said «Sjefen» («The Boss»), and often wore a hoodie emblazoned with «Norway» – the kind of clothing mainly worn by tourists. In the majority of his videos he also wore a pink Levi's t-shirt.
Selected videos
He was also known for supporting Trump:
In this video he talks about the importance of business partners telling the truth and not «pulling away» – ironic given what later happened in InvestorAlliansen:
Here he shows off the building he moved into in Bangkok:
The building he shows here is Park Origin Thonglor in Watthana, Bangkok. Just over nine months later, during the earthquake that hit Bangkok on , the same building was in chaos:
The property lies
Nilsen claimed credibility by saying he worked with property in the USA, Dubai (United Arab Emirates) and Norway. The truth was that his wife financed all property purchases. Nilsen and his wife had separate property – the assets were hers, not his.
Still, he used these property stories publicly to portray himself as a successful investor and businessman – a persona he later exploited to lure money from others.
The divorce and court cases
The parties signed a separate property prenuptial agreement in 2012 – his wife had significant assets while Morgan Nilsen was a student with no means. When the divorce came, Nilsen suddenly claimed joint ownership of property, car, boat and a US company – based on informal WhatsApp messages. The court found that gifts between spouses require a prenuptial agreement, and that his labour did not entitle him to 50 % ownership.
Vestfold District Court ruled on 11 October 2021. Morgan Nilsen lost. His wife was awarded 100 % of the car and the «Uttern D65» boat. Morgan Nilsen was ordered to pay 504,000 NOK (approx. $47k USD) in legal costs.
He appealed to the Agder Court of Appeal, which rejected the appeal on 15 September 2022. The court found that Morgan Nilsen sold the boat for 485,000 NOK (approx. $45k USD) in April 2022 without informing his wife, and that she only learned of his mortgage default through a debt collection case. The appeal court ordered him to pay the full sale amount to his wife, plus a further 371,000 NOK (approx. $35k USD) in legal costs.
After the court cases with his ex-wife, Morgan Nilsen had a distraint lien of almost 1.5 million NOK registered against him. In a lien of 1,488,555.50 NOK (approx. $138k USD) was registered in favour of his ex-wife (plaintiff), including against the vehicle JT 4983. This created an obvious incentive to raise capital from others – and in practice, to defraud investors.
Vestfold District Court – she supported everything
«His wife was employed at [virksomhet1] throughout with a very good income. She supported the entire family alone in every respect … The family had a full-time nanny and driver, paid by his wife. In this way Morgan Nilsen was relieved of the work that otherwise comes with having a home and children. He contributed very little to the family's maintenance, neither with money nor labour.»
Vestfold District Court – Nilsen owned nothing
«The background was that his wife owned substantial assets while Morgan Nilsen was a student and owned nothing.»
The court also found that «it is clear that she alone provided all cash contributions and paid all debt» – and that rental income «went entirely to Morgan Nilsen» while she paid for everything.
Vestfold District Court – rejected her settlement offer
«His wife also made a settlement offer that would have given Morgan Nilsen more money than he will receive under this judgment. He should have accepted that offer.»
Agder Court of Appeal – «adventures and escapades»
«None of this generated income, only expenses. He lived on her money and did not contribute financially to his or the family's housing and living costs … [S]he financed all of Morgan Nilsen's «adventures and escapades».»
When the marriage began Morgan Nilsen was «without means, had debt, had no income-generating work» – the parties had «not known each other long».
Agder Court of Appeal – property and defaulted loan
«Her total contribution to the purchase amounts to 77% of the purchase price … That they are jointly registered as title holders with a half share each is merely a formal matter with no bearing on the real ownership … His wife only learned of Morgan Nilsen's default on the loan through the debt collection case.»
Agder Court of Appeal – sold the boat behind her back
«His wife is sole owner of the car and was sole owner of the boat which Morgan Nilsen has now sold without her knowledge – which in principle is a criminal act.»
The parties agreed the boat was sold on 8 April 2022 for 485,000 NOK (approx. $45k USD) «without prior discussion or informing his wife of the sale». Appeal dismissed – he had to repay the full amount plus 371,000 NOK (approx. $35k USD) in legal costs.
Utleiemegleren
Nilsen then tried to convince people at Utleiemegleren to hire him as marketing director, citing his alleged property expertise. He was hired – and fired after six months.
Formue Forum
After that, Nilsen got the idea to start Formue Forum. He brought in young, naive customers from TikTok to finance the project, along with startup assistance from Nav. The forum quickly grew to around 300 members.
In Nilsen hired a marketing manager to grow the forum further. The marketing manager was in his twenties – we do not wish to name him.
Morgan tasked the marketing manager with starting an affiliated TikTok account, posting similar content to his own and growing the channel. Over time the marketing manager was also supposed to run «TikTok Lives» – live streams – to grow the forum further.
It did not go to plan. According to Morgan, the marketing manager did not work hard enough on a par with him, and barely reached 300 followers on the TikTok account after a couple of weeks. To stream live on TikTok at the time required over 1,000 followers. Morgan solved this by buying followers for the channel so the marketing manager could go live. According to Morgan, he also repeatedly started work late and left early – around 2 pm. The marketing manager ended up resigning after two months under Morgan's leadership.
When the forum was finally doing well, and Morgan likely had enough revenue to live on, he got a new idea: abandon the forum and start InvestorAlliansen instead.
From forum to InvestorAlliansen
Through InvestorAlliansen, Nilsen tricked many of the young, naive Formue Forum members into subscribing for shares. The total subscription amount was 2.8 million NOK (approx. $260k USD). Then he fled – and has never shown his face to investors again.
InvestorAlliansen
InvestorAlliansen was established in with 52 investors and a registered address at Møllegaten 9, Tønsberg, Norway. The group consisted of InvestorAlliansen Holding AS, InvestorAlliansen AS, Formue Forum AS, and Skaftet Holding AS. Most investors came directly from Formue Forum – young people Nilsen had already captured through TikTok.
In May 2024 the group carried out a share issue raising 2,815,000 NOK (approx. $262k USD). Investors were lured in through the «Formue Forum» platform. By , cash reserves were drained – from 2.9 million NOK (approx. $270k USD) to just 100,000 NOK (approx. $9k USD). Revenue was practically zero. The money was gone, and Nilsen had already disappeared to Thailand.
The company used Discord as its primary communication channel with shareholders and relied heavily on YouTube videos published by Nilsen himself.
Quarterly reports
Quarterly reports from InvestorAlliansen AS, signed by Morgan Nilsen:
Annual accounts 2024 (InvestorAlliansen AS)
Morgan Nilsen showed shareholders this income statement – generated in Tripletex on , signed Truls Morgan Nilsen. Note that this covers InvestorAlliansen AS only, not InvestorAlliansen Holding AS or Formue Forum AS.
Summary for 2024:
- Operating income: approx. 90,000 NOK (approx. $8k USD)
- Board remuneration: 150,000 NOK (approx. $14k USD)
- Other operating costs: approx. 880,000 NOK (approx. $82k USD)
- Total operating costs: approx. 2,360,000 NOK (approx. $220k USD)
- Result before tax: approx. −2,274,000 NOK (approx. −$211k USD)
The accounts are not audited, and are not necessarily final – the official 2024 annual accounts were never submitted to the Norwegian Register of Company Accounts (Regnskapsregisteret).
What does an innocent man have to hide?
Perhaps you know Morgan Nilsen from before – as a friend, colleague or acquaintance. Perhaps you still want to believe he is innocent, because you remember a different side of him than what is documented here.
That is understandable. People are complicated, and a prior relationship makes it hard to see clearly. But then you must ask yourself one question:
If he is innocent – why is he covering his tracks?
On 24 June 2026 he renamed YouTube channels, deleted his LinkedIn profile, set TikTok accounts to private or deleted them, anonymised his Meetup profile and removed content. After this page was updated, he continued – the Meetup profile was changed to «K», DocumentaryBarrel was anonymised, the Discord account was renamed to «Bever», and the CNX Days Discord server was deleted. These are not the actions of a man with nothing to hide.
An innocent man would not need to delete videos, change usernames to meaningless strings or disappear from his shareholders. He could produce the accounts, answer questions and let the record speak for itself. He would have nothing to hide.
Morgan Nilsen is covering his tracks because he has something to hide: the evidence.
Video archive
A series of videos in which Morgan Nilsen addresses InvestorAlliansen shareholders – preserved here for the record:
Nilsen addresses «rotten apple» investors
Nilsen addresses his investors, pt. 1
Pt. 2
Pt. 3 (where he almost cries)
How the scam unfolded
The capital increase
The May 2024 share issue had a par value of 0.01 NOK per share, but the subscription price for most investors was set at 2.50 NOK per share. Every investor except Morgan Nilsen had to subscribe at full price – while Nilsen himself was allowed to subscribe at 0.01 NOK per share. He paid a fraction of what the others paid, securing a disproportionately large ownership stake for almost nothing.
In one shareholder was compulsorily redeemed following serious disagreements with the CEO.
Board, salaries and payouts
Alongside Morgan Nilsen himself, the board was filled with people close to him. Adrian Turcsan, Morgan's long-time friend, was given a board seat and shares at par value (0.01 NOK) – apparently because he had the technical skills needed to set up the business.
Morgan's half-brother Arnt Robin Svendsen was also given a board seat and shares at par value.
Board members were paid 50,000 NOK (approx. $5k USD) in the first year (2024), and 100,000 NOK (approx. $9k USD) each year thereafter (2025, 2026, and so on). The board chair – Morgan Nilsen – received double that: 100,000 NOK (approx. $9k USD) in the first year and 200,000 NOK (approx. $19k USD) in the second, and so on.
Shareholders agreement
Excerpts from the shareholders agreement in InvestorAlliansen Holding AS:
Morgan and Adrian also drew a salary of 60,000 NOK (approx. $5.6k USD) each per month. However, just before the share issue and capital increase, that period was said to have demanded significant work. When the capital increase was completed, they therefore received back pay for three months: 180,000 NOK (approx. $17k USD; 60,000 × 3), on top of board compensation.
Shortly after shareholders paid in their subscription money, Morgan had already taken out 280,000 NOK (approx. $26k USD) (180,000 in back pay + 100,000 in board fees as chair), and Turcsan 230,000 NOK (approx. $21k USD) (180,000 + 50,000).
Arnt Robin Svendsen received 50,000 NOK (approx. $5k USD) in board fees. In , however, he reportedly had to resign because a shoulder injury made him unable to work in the company. Two months later, in , he nevertheless started the construction company Bygg og Rehabtjenester AS – with the purpose of establishing and repairing buildings. The shoulder was apparently not good enough for paperwork at InvestorAlliansen, but good enough to establish buildings.
Sale of Formue Forum AS
In late , as the group began running out of cash, Morgan Nilsen came up with the idea of selling Formue Forum AS – which he owned privately – to InvestorAlliansen. The forum was supposedly going to bring positive cash flow into the group, even though Formue Forum had already died off earlier in 2024 because Nilsen focused on the alliance and abandoned the forum.
According to Morgan, Formue Forum AS was worth well above 1,000,000 NOK (approx. $93k USD), but he was «nice enough» to sell it to the group for 250,000 NOK (approx. $23k USD). He thus tried to appear very generous – while at the same time cashing out another 250,000 NOK (approx. $23k USD) for himself.
Flight to Thailand
Nilsen left Norway right before the share issue – allegedly via Hungary and Sweden to avoid exit tax – and ended up in Thailand. Board members resigned, legal disputes arose, and internal reports showed 1.2–1.75 million NOK (approx. $110k–$163k USD) spent on travel, salaries and other expenses in just a few months – with no income to show for it.
Investors abandoned
In June 2026, InvestorAlliansen Holding AS and Formue Forum AS were compulsorily dissolved by Vestfold District Court for failing to file approved annual accounts for 2024 – see the court orders. Morgan Nilsen has given shareholders no explanation. They are left without money, without contact – and with no hope of recovering what they invested.
Companies in the group
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InvestorAlliansen AS
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InvestorAlliansen Holding AS
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Skaftet Holding AS
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Formue Forum AS
Compulsory dissolution
On 2 June 2026, Vestfold District Court issued orders for the compulsory dissolution of both companies after they failed to submit approved annual accounts, annual reports and audit reports for 2024:
Social media – active and covering tracks
While 52 shareholders are left without answers and without money, Morgan Nilsen has not disappeared from the internet. At the same time, he is now actively trying to cover his track record by hiding videos, accounts and other online content.
Morgan is known for pressuring investors to like, watch and comment on the YouTube videos he posted. He has also bought followers, views and likes repeatedly in an attempt to generate traction on his channels – whether AI-generated documentary videos or videos about his lifestyle in Thailand.
Update 24 June 2026: Morgan Nilsen carried out a coordinated cleanup across platforms today – channel names changed, profiles deleted and content removed.
Follow-up the same day: After this page was updated, he changed names again. The Meetup profile is now «K» (previously «O»), DocumentaryBarrel has been anonymised, the Discord account has been renamed to «Bever», and the CNX Days Discord server has been deleted.
YouTube
He runs several YouTube channels from Thailand:
Suspected channels
Nilsen is also suspected of being behind the following channels:
This is based in part on Nilsen's main interests – history, Vikings and maritime topics. Other sources also suggest these channels may belong to Nilsen. The channels also make extensive use of AI for video and audio production – which apparently became Nilsen's main occupation after he abandoned the shareholders. As many may know, Nilsen studied maritime education. He also referred to himself and his ancestors as «Vikings».
BiggerPockets
biggerpockets.com/users/morgan_nilsen – where he presented himself as a «Rental Property Investor» and CEO of Formue Forum AS, claiming experience investing in Norway and the USA.
Facebook
facebook.com/morgan.nilsen
Email
morgan.nilsen@gmail.com
TikTok
His original account @morgannilsen84 has been set to private. The account @morgan_everywhere – started after his move to Thailand to show off a «luxury» lifestyle funded by investors' money – has been deleted.
Instagram
@morgan_everywhere
Discord
The Discord profile display name has been changed to Bever (username: morgannilsen). He has also deleted the CNX Days Discord server.
LinkedIn
The LinkedIn profile documentarybarrel was deleted today, 24 June 2026. The profile had been used to portray himself as a legitimate businessman.
Meetup
The Meetup profile in Chiang Mai was first changed from Morgan Nilsen to «O», and then to «K». All interests and groups are hidden: profile on meetup.com.
CNX Days
Morgan Nilsen runs the travel and lifestyle site CNX Days – «insider tips and advice for exploring and living in Chiang Mai»:
The CNX Days Discord server has been deleted.
Morgan Nilsen is now working to hide his trail – taking down videos, hiding accounts and removing past content to erase his track record. Former channel names and usernames are documented here to preserve the history.