Ian Freeman Ordered to Pay More Than $3.5 Million in Restitution to Victims in Money Laundering Case
CONCORD – U.S. District Court Judge Joseph Laplante has ordered Ian Freeman, a 43-year-old resident of Keene, to pay over $3.5 million in restitution to 29 victims and forfeit various seized assets in a money laundering case, according to U.S. Attorney Jane E. Young. The court also issued a preliminary order of forfeiture for other assets discovered during the investigation. Freeman, who was previously sentenced to 96 months in prison and fined $40,000, was found guilty by a federal jury on December 22, 2022, following a ten-day trial.
The conviction stems from Freeman’s operation of a money laundering business that facilitated more than $10 million in proceeds from romance scams and internet frauds. By exchanging U.S. dollars for bitcoin and failing to comply with anti-money laundering regulations, Freeman created a haven for fraudsters. He charged exorbitant fees, amassing over a million dollars in illicit gains.
U.S. Attorney Jane E. Young expressed her satisfaction with the court’s decision, as it will help vindicate the victims of Freeman’s scam. She also emphasized the importance of vigilance in protecting oneself and loved ones from similar frauds.
Special Agent in Charge Jodi Cohen of the FBI Boston Division echoed Young’s sentiments, stating that while the financial restitution cannot fully compensate for the emotional toll inflicted on the victims, it ensures that Freeman is held accountable for his actions. Cohen urged anyone who is being victimized or knows of someone who is to reach out to the FBI.
During the trial, evidence revealed that Freeman and his co-conspirators utilized accounts at financial institutions under the names of various churches, including the Shire Free Church and the Church of the Invisible Hand, to operate their fraudulent activities. Victims of scams were directed to describe their deposits as church donations, allowing Freeman to conceal his income from the Internal Revenue Service and evade taxes.
The investigation leading to Freeman’s conviction was a joint effort by the FBI, the Internal Revenue Service, Criminal Investigations, and the United States Postal Inspection Service. The case received valuable assistance from the national Cryptocurrency Enforcement Team and the Department of Justice, Tax Division. Assistant U.S. Attorneys Georgiana L. MacDonald, John Kennedy, and Seth R. Aframe were responsible for prosecuting the case.
This case serves as a stark reminder of the dangers of online fraud and the importance of remaining vigilant to protect oneself and loved ones from falling victim to these schemes. By bringing these criminals to justice and seeking restitution for the victims, law enforcement agencies aim to dismantle fraudulent networks and safeguard the public’s hard-earned money.
