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 YouTube from Thailand.
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
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.
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 kroner 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 kroner 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 kroner in legal costs.
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 NOK 485,000 «without prior discussion or informing his wife of the sale». Appeal dismissed – he had to repay the full amount plus NOK 371,000 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.
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 kroner. 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 Norwegian kroner. Investors were lured in through the «Formue Forum» platform. By , cash reserves were drained – from 2.9 million kroner to just 100,000. 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.
How the scam unfolded
The capital increase
The May 2024 share issue had a par value of 0.01 kroner per share, but the subscription price for most investors was set at 2.50 kroner per share. Every investor except Morgan Nilsen had to subscribe at full price – while Nilsen himself was allowed to subscribe at 0.01 kroner per share. He paid a fraction of what the others paid, securing a disproportionately large ownership stake for almost nothing.
Formue Forum AS, originally owned personally by Nilsen, was sold to InvestorAlliansen AS in autumn 2024 for 250,000 kroner. In October 2024 one shareholder was compulsorily redeemed following serious disagreements with the CEO.
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 kroner spent on travel, salaries and other expenses in just a few months – with no income to show for it.
Investors abandoned
In June 2026, all companies were declared bankrupt. 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
- Skaftet Holding AS – holding company, owned by Truls Morgan Nilsen
- InvestorAlliansen Holding AS
- InvestorAlliansen AS
- Formue Forum AS – investment education, established 2022
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.
YouTube
He continues publishing videos on a number of YouTube channels from Thailand:
TikTok
After moving to Thailand, Nilsen started the account @morgan_everywhere to show off a «luxury» lifestyle – funded by money investors never got back.
LinkedIn
On LinkedIn he is active as documentarybarrel, using the profile to portray himself as a legitimate businessman.
Meetup
He is also active on Meetup in Chiang Mai, Thailand: profile on meetup.com.
Morgan Nilsen is now working to hide his trail – taking down videos, hiding accounts and removing past content to erase his track record.