A video crew from Mexico films Travis Cleveland, wearing a bitcoin costume, outside of federal court in Concord on Tuesday. Supporters of Ian Freeman gathered in front of the courthouse for the start of his trial.
Ian Freeman has been ordered to pay more than $3.5 million in restitution to 29 victims and forfeit other assets seized during an investigation into a money laundering scheme and other internet fraud, federal prosecutors announced Tuesday.
Freeman, 43, of Keene, was ordered by U.S. District Court Judge Joseph Laplante to pay restitution totaling $3,502,708.69 to 29 victims. The court also issued a preliminary order of forfeiture of other assets seized during the investigation.
On Oct. 2, 2023, Freeman was sentenced to eight years in prison for laundering more than $10 million in proceeds from romance scams and other internet frauds. Freeman received 96 months in prison, two years of supervised release, and a fine of $40,000. He was convicted by a federal jury on Dec. 22, 2022, following a 10-day trial.
“Ian Freeman’s money laundering business caused many vulnerable people unnecessary anguish,” U.S. Attorney Jane Young said in a statement. “Nothing will ever take away the pain he caused these victims, but I am grateful that the dedicated prosecution team on this case was able to make many of them financially whole. It is rare for victims of romance scams and other international fraud schemes to have their money returned to them because of the anonymity that businesses like Ian Freeman’s offer fraudsters.”
Prosecutors said Freeman, formerly known as Ian Bernard, ran a money-laundering business that catered to scammers and other criminals and had them make cash donations to Keene area churches and converted that into Bitcoin. In doing so, Freeman charged higher than normal transaction fees.
Freeman is a Free Keene activist who hosted a weekly internet radio program. Four other co-defendants pleaded guilty.
A video crew from Mexico films Travis Cleveland, wearing a bitcoin costume, outside of federal court in Concord on Tuesday. Supporters of Ian Freeman gathered in front of the courthouse for the start of his trial.
DAVID LANE/UNION LEADER
Prosecutors argued over the course of a 10-day trial that Freeman laundered more than $10 million in proceeds of romance scams and other internet frauds by exchanging U.S. dollars for Bitcoin. By charging exorbitant fees, Freeman made in excess of $1 million, prosecutors said.
Records and exhibits presented in court show Freeman and his co-conspirators opened and operated accounts at financial institutions in the names of various churches, including the Shire Free Church, the Church of the Invisible Hand, the Crypto Church of New Hampshire and the NH Peace Church.
Freeman instructed Bitcoin customers, often victims of scams, to lie to the financial institutions and describe their deposits as church donations. Prosecutors said from 2016 to 2019, Freeman paid no taxes and concealed his income from the Internal Revenue Service.
“This court order forcing Ian Freeman to pay millions of dollars in restitution to dozens of elderly victims across the country who suffered agonizing losses is a significant step toward justice,” said Jodi Cohen, Special Agent in Charge of the FBI Boston Division. “While no amount of money can make up for the emotional toll Mr. Freeman’s actions have inflicted, it does ensure that he has been held both criminally and financially responsible for what he did.”
