On Monday, authorities sentenced libertarian activist and radio personality Ian Freeman from New Hampshire to an eight-year prison term for operating an unregistered Bitcoin exchange. In addition, he is subject to a minimum punishment of $40,000 awaiting the outcome of a later trial to establish compensation for his business’s victims.
Source: wmur.com
They handcuffed Freeman and brought him into jail at the Concord U.S. District Court, where he received his sentence. According to the prosecution, Freeman’s company primarily served con artists involved in romance scams. They targeted older women. Furthermore, this facilitated the later stages of their financial exploitation through his Bitcoin Exchange.
Community Backing and Assistance
“Love you, Ian,” were yelled by admirers as Freeman was led from the courthouse. (BY KATHY MCCORMACK)
Source: Todd Bookman / NHPR
Freeman, a guy in his 40s, said throughout the proceedings that he didn’t think he had broken the law. He asserted that his goal was to promote the use of Bitcoin and provided examples of when he discovered fraudulent activity and helped prospective scam victims. He said he was sorry he couldn’t help everyone and added, “I don’t want people to be taken advantage of.”
Nonetheless customers were questioned by Freeman, including coercion or third-party influence. He learned about scam victims through news reports. Some gave incorrect information about their circumstances.
After a two-week trial in December, the jury found Freeman guilty of eight crimes. However, they had dismissed a money laundering charge. The 1st Circuit Court of Appeals is hearing an appeal from the prosecution about the dismissed charge.
FBI Inquiries and Probes
According to the Shore News Network, Ian Freeman broke multiple laws in order to conduct a large-scale, multi-million dollar virtual currency company through his Bitcoin Exchange while pretending to be a religious organization that accepted donations. As a matter of fact Freeman profited off the emotions and financial accounts of his uninformed victims as a participant in this criminal enterprise. The FBI, IRS Criminal Investigations, USPS Inspection Service, and the National Cryptocurrency Enforcement Team conducted the investigation.
Moreover from 2016 to 2019, he paid no taxes, and concealed his income from the Internal Revenue Service.
The remaining accusations included operating an unregistered money transmission company. They also involved conspiring to commit money laundering and wire fraud, among other offenses. Freeman’s legal team indicated that they intended to file an appeal and asked for bail, but U.S. District Court Judge Joseph LaPlante rejected the motion, citing the actual harm brought on by Freeman’s actions.
Judicial Ruling on Bitcoin Exchange
The proposed jail term, which ranged from around 17 to almost 22 years, was much longer. Freeman had requested a sentence of little more than three years in jail despite having a spotless criminal record and being under federal surveillance in Keene for the previous two years.
However Bonnie Freeman, Freeman’s wife, regarded him as a good leader and role model at a nearby church. Sheriff David Hathaway of Santa Cruz County, Arizona, hailed Freeman for his support of liberty, the American ideal, free trade capitalism, and individual liberty.
Furthermore, the kiosks at bars, internet platforms, and a mobile app were used for the Bitcoin Exchange transactions related to Freeman’s business.
Perspective of the Survivor
In a recent development, one victim revealed how a fraudster she contacted online duped her while he posed as a lonely widow. She spent all of her life savings sending $300,000 to Freeman on his Bitcoin Exchange in accordance with the con artist’s instructions. Another woman related a similar story, saying that she had borrowed money and sold her late husband’s truck to pay the con artist.
The Final Verdict on Bitcoin Exchange
To sum up along with Freeman, five other people were taken into custody in 2021. In order to ease the selling of virtual money, three admitted to creating accounts in their names or the names of churches. The sentences they received were mostly mild. A fourth individual received an 18-month prison term after pleading guilty to running an unregistered money-transfer firm. Conclusively they dropped the charges against the fifth individual.
Featured pic : nymag.com
