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A New Hampshire man was found guilty on Thursday of running an unlicensed bitcoin exchange business and laundering more than $10 million in proceeds from romance scams and other internet fraud as a result of a two-week federal trial.
Prosecutors say Ian Freeman ‘created a business that catered to fraudsters’ by failing to register his business with the Financial Crimes Enforcement Network as required by law, disabling know-your-customer features on bitcoin kiosks and making sure bitcoin customers don’t tell him what they did with their bitcoin.
Freeman’s attorney, Mark Sisti, said Freeman actually warned people about scams and helped businesses in the community.
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“We will definitely appeal,” Sisti said. “We appreciate the jury’s effort and time spent on the case.”
A New Hampshire man has been convicted of running an illegal bitcoin exchange business.
Freeman, 42, a libertarian activist and radio show host, was released pending sentencing and appeal on April 14.
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Five other people were arrested with him last year. Three pleaded guilty to wire fraud by opening accounts at financial institutions in their names or on behalf of churches to allow someone to use the accounts to sell virtual currency. They received light sentences. A fourth has pleaded guilty to operating an unlicensed money transfer business and is awaiting sentencing. The charges against the fifth person were dismissed.
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