Ian Freeman, a prominent libertarian activist from Keene who was sentenced to serve eight years in federal prison after being found guilty of operating a cryptocurrency exchange business that catered to romance scam fraudsters, will repay $3.5 million to 29 different victims.
U.S. District Court Judge Joseph Laplante ordered Freeman, who also hosted a radio talk show, to make the payments after a jury found him guilty in December 2022.
Court paperwork shows the government seized more than 100 bitcoin from Freeman, and in January was granted permission by Laplante to convert the cryptocurrency holdings into U.S. dollars. Bitcoin values are historically subject to large swings in value, but as of this week it was trading at around $49,000 per coin.
“Ian Freeman’s money laundering business caused many vulnerable people unnecessary anguish,” U.S. Attorney for New Hampshire 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.”
She noted that it is rare for victims of romance scams to be made whole due to the anonymous and often international reach of the operations, which often target older people and convince them to send them money or other assets.
Attorney Mark Sisti, who represented Freeman during the criminal trial, said that his client was satisfied with the negotiated settlement amount, and that "Freeman is happy that he no longer has any obligations to the federal government or any alleged victims."
Freeman, along with several co-conspirators, was accused by prosecutors of accepting millions of dollars in cash and wire transfers, and then converting those funds to cryptocurrency while taking a sizable commission. Prosecutors said Freeman failed to properly register his business, and used a church he created to shield assets from taxes.
He was found guilty following a 10-day jury trial. During sentencing, Freeman maintained his innocence and said he attempted to root out potential fraudsters who used his service. He has appealed his conviction.
Freeman has run unsuccessfully for several political offices in the state, and has been active with the Free State Project, a libertarian-minded movement that calls for people to relocate to New Hampshire.
Editor's note: this story was updated Feb. 14 with a statement from Freeman's attorney.
