Ian Freeman, a resident of Keene, New Hampshire, was sentenced to eight years in prison on Monday for conspiracy to commit money laundering and other felonies related to his unlicensed cryptocurrency business. Freeman, who operated an exchange service allowing Internet scammers to convert their ill-gotten gains into Bitcoin, made over $1 million from the scheme. The U.S. Attorney’s Office for the District of New Hampshire stated that Freeman charged high fees to fraudsters and turned a blind eye to their activities. During his trial, Freeman argued that he was not aware of the scammers’ true intentions and tried to help people he suspected were being scammed. However, three victims testified at a hearing in September, detailing how they lost thousands of dollars in romance scams, with one sending $300,000 to a scammer who instructed her to convert the money using Freeman’s services. The judge sentenced Freeman to two years of supervised release, ordered him to pay a $40,000 fine, and ordered forfeiture and restitution, the amounts of which will be determined at a later hearing. Despite his conviction, Freeman’s defense attorney stated that they plan to file an appeal.
