Ian Freeman, a New Hampshire citizen, has been sentenced to eight years in prison for running illicit Bitcoin operations. According to US Attorney Jane E. Young, the 43-year-old man has been found guilty of laundering over ten million dollars in proceeds from romance scams and other internet frauds.
Freeman resides in Keene, is a libertarian activist, and is a Free Talk Live co-anchor. He is the last member of the “Crypto Six” case, in which six federal agents raided the Free Talk Live studio, the Bitcoin Embassy, and Shire Free Church in Keene, New Hampshire, in March 2021. He was convicted in December and is the last person to be sentenced in the case.
Ian Freeman Has Been Fined $40K
Federal Judge Joseph Laplante gave the verdict, putting Freeman behind bars for eight years, along with two years of supervised release and a fine of $40,000. Through trial, he wanted to convey that his Bitcoin business was not a sham but was focused on the adoption of the digital asset.
Young stated:
“The defendant’s criminal conduct devastated many vulnerable people. Dozens of victims were identified during the investigation. Many of them lost their life’s savings by way of Freeman’s bitcoin money laundering scheme. The Court recognized that an important part of this sentence was for the defendant to provide restitution to the victims. In financial crimes cases such as this, providing restitution to victims is one of the highest priorities of the US Department of Justice and this Office.”
Jodi Cohen, Special Agent in Charge of the FBI Boston Division, noted that Freeman “catered to fraudsters” while noting that he walked away with millions belonging to his victims. Cohen called this a verdict “justice for the dozens of victims all over the country who have suffered significant financial losses.”
Failure to Comply With Regulations
Freeman was responsible for laundering ten million dollars that he gained through romance scams and other internet frauds by exchanging the US dollars with Bitcoin through trading platforms.
He failed to officially register his business with the Financial Crimes Enforcement Network and disabled KYC features, charging humongous fees for those who used his Bitcoin kiosks, making millions.
The US agencies that led the investigation include the Federal Bureau of Investigation (FBI), the Internal Revenue Service (IRS), Criminal Investigations, and the United States Postal Inspection Service (USPIS).
