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Home / News / Crypto Scammer Ian Freeman Ordered to Pay $3.5M Restitution


CRYPTO SCAMMER IAN FREEMAN ORDERED TO PAY $3.5M RESTITUTION

Landmark legal decision orders Ian Freeman to pay $3.5M restitution for a crypto
scam, exploiting churches and preying on elderly victims.
By Kelvin Munene Murithi
February 14, 2024







STORY HIGHLIGHTS

 * Ian Freeman to pay $3.5M for laundering scam money via Bitcoin.
 * Court orders Freeman forfeit assets, aiding 29 elderly scam victims.
 * Freeman's crypto scam exploited churches, targeting vulnerable elders.

In a recent landmark decision that exemplifies the law’s war on cryptocurrency
fraud, Ian Freeman, a New Hampshire libertarian activist and the host of a radio
talk show, has been ordered to pay victims of an elaborate romance scam
operation more than $3.5 million.



The 43-year-old dude Freeman decided to use Bitcoin to wash tens of millions of
dollars, which resulted from internet fraud aimed mostly at the aged. The
decision comes after October when he was sentenced to eight years in a federal
prison for his role in the dishonest scheme.


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JUDICIAL REACTION TO CRYPTO SCAM

Further, the court directed Freeman to relinquish particular properties during
restitution. These assets comprised about 5.24 Bitcoins, worth around $258,000,
and cash in U.S. currency of around $1.1 million. 

Forfeiture and restitution are intended to support 29 people trapped in
Freeman’s activities during 2016-2019. In this interval, Freeman resorted to tax
evasion techniques, thereby deceiving the Internal Revenue Service and having a
harder time in the legal battle.


EFFECT OF THE SCHEME ON VICTIMS

Freeman’s unscrupulous activities included abuse of many churches that had been
turned into receiving money from victims under the guise of donations.
Subsequently, the funds were transferred into cryptocurrency form, with Freeman
taking an astronomic fee for the exchanges. Using his unregistered enterprise,
Freeman laundered the money of the scam, converting dollars to the widely
accepted digital currency.

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During the trial, the victims’ emotional and financial suffering were
emphasized. Some of the evidence presented was that the computer belonging to
Freeman had a directory containing photographs of the victims of the romance
scam. 

Most of the victims of this crypto scam were older women. Some of the most
heartbreaking testimonies were from the victims, such as a Florida widow who
lost all her life savings of $300,000 to a scammer who directed her to send the
money to Freeman, who described the appalling effect of the operation.


LEGAL AND MORAL RAMIFICATIONS

This case is a momentous point in the constant fight against
cryptocurrency-related crimes, highlighting the legal system’s struggle to make
those responsible pay and reimburse victims. The conviction of Freeman and the
latter restitution order reiterates the ferocity of the judiciary treating such
crimes, particularly those against the weak.



Prosecutors and the judge’s remarks during the sentencing shed light on the
broader implications of Freeman’s actions, underscoring the anguish inflicted on
many vulnerable people. The manipulation of religious institutions to further
the scam adds a layer of deceit and exploitation to Freeman’s activities,
compounding the moral bankruptcy of his actions.

Read Also: Sushi Floats Decentralized Derivatives Exchange Susa, Will SUSHI
Soar?












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 * About author
 * Disclaimer

Kelvin is a distinguished writer specializing in crypto and finance, backed by a
Bachelor's in Actuarial Science. Recognized for incisive analysis and insiRead
more…ghtful content, he has an adept command of English and excels at thorough
research and timely delivery.

The presented content may include the personal opinion of the author and is
subject to market condition. Do your market research before investing in
cryptocurrencies. The author or the publication does not hold any responsibility
for your personal financial loss.

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Mr Kelvin Munene Murithi (Kelvin Munene Murithi) ♂
Editor
626 Articles
Kelvin is a distinguished writer specializing in crypto and finance, backed by a
Bachelor's in Actuarial Science. Recognized for incisive analysis and insightful
content, he has an adept command of English and excels at thorough research and
timely delivery.
kelvin@coingape.com

Expertise : Financial/Crypto Journalist Language : English, Kiswahili
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