Keene man accused of running unlicensed currency exchange released on bail to home detention

Josie Albertson-Grove, The New Hampshire Union Leader, Manchester
·3 min read

May 22—The man accused of leading a Keene group in the creation and operation of an unlicensed cryptocurrency exchange was released on bail this week, on strict conditions after the group's trial was postponed.

Ian Freeman was the only one of the six defendants who was ordered held before trial, after the group was arrested in March. Prosecutors said he was the leader of the group, and he faced the most serious charges.

The group, many of them libertarian activists in Keene, were accused of operating an unlicensed currency exchange, where people could trade dollars for cryptocurrencies like Bitcoin. Prosecutors said that after a five-year investigation, they believed the currency exchange collected little information about the sources of its clients' funds, which could have enabled criminals to use the exchange for money laundering.

Prosecutors said an undercover agent told Freeman he had money from selling drugs, and that Freeman allowed the undercover agent to exchange cash for virtual currency on an ATM. Prosecutors said Freeman had disabled the machine's anti-money laundering controls.

After his arrest and a bail hearing in March, Judge Andrea Johnstone had ordered Freeman held, saying there were no conditions that would convince her that Freeman would not flee the state, she wrote in a March ruling, because he had access to significant financial resources and faces a charge that carries a mandatory minimum sentence of 10 years in prison and up to a life sentence.

In April, attorneys for the defendants moved to postpone the trial, which had initially been scheduled to begin this month, for six months. With Freeman ordered held until trial, this would have meant a much longer period of detention.

Prosecutors vociferously opposed Freeman's release, but Freeman's defense attorney said in a hearing earlier this month that Freeman was eager to appear in court.

"In a COVID environment, in a case like this, I'm not convinced detention is the right answer," Judge Joseph LaPlante said during a video conference hearing on May 10.

LaPlante ordered Freeman released this week to home detention with a $200,000 bond to secure his appearance in court. Freeman can leave home for work, church, education, medical treatment, visits with his attorney and court appearances.

The court placed strict limits on Freeman's computer use as conditions of his release. He cannot use a computer or any internet-connected devices except those approved by his supervising officer. The court ordered all devices be equipped with a monitoring program, and ordered Freeman to stay off social media and messaging services. He will have to let his supervising officer know before opening any new bank accounts or incorporating any new businesses, nonprofits or churches. Freeman was also directed to surrender his passport.

Freeman is not to contact the other people charged in the case, and is barred from contacting people who may be witnesses in the case. The no-contact list includes several Keene-area libertarian activists, including 2020 Libertarian Party gubernatorial candidate Darryl Perry and Republican state representative Michael Yakubovich.

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