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A New Hampshire man has been convicted in a two-week federal court case of running an unlicensed bitcoin exchange and laundering more than $10 million in dating scams and other Internet scams.
Prosecutor Ian Freeman said he “created a business for 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 ensuring that bitcoin customers did not report him. What did they do with Bitcoin?
Freeman’s attorney, Mark Sisti, said Freeman warns people about scams and helps businesses in the community.
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“We will definitely appeal,” Sisti said. “We appreciate the effort and time the jury spent on the case.”
A New Hampshire man has been charged with running an illegal bitcoin exchange.
Freeman, 42, a freedom fighter and radio show host, was sentenced on April 14 and released pending an appeal.
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Five others were arrested with him last year. The three admitted to committing fraud by opening accounts at financial institutions in their names or in the name of churches so that someone could use the account to sell virtual currency. They received a light sentence. A fourth man has pleaded guilty to operating an unlicensed money transmission business and awaits sentencing. Charges against the fifth person were dismissed.
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