Man convicted of running unlicensed bitcoin exchange biz | Tech News

Man convicted of running unlicensed bitcoin exchange biz

Freeman's lawyer, Mark Sisti, said Freeman actually warned people of scams and he helped businesses in the community.

By:AP
| Updated on: Dec 24 2022, 13:59 IST
BEWARE! Here is how NOT to check your PF balance; man loses Rs. 1.23 lakh in scam
Bitcoin
1/7 In a shocking turn of events, when a man was looking to check his PF balance online, he was caught by fraudsters and lost Rs. 1.23 lakh! (Reuters)
Bitcoin
2/7 This is how he lost money in this PF balance scam. He was searching for the EPOFO phone number on the Internet, but came across a fake phone number, according to Free Press Journal. He called it and the person there convinced him to download an app that provided the fraudster with remote access to his gadget. He also shared the code for making a payment. Before, the innocent man knew what happened, he had lost the whopping amount of Rs. 1.23 lakh! (Pixabay)
Bitcoin
3/7 In short, do not check PF balance by searching online and clicking on random links or talking to anyone. Just remember, EPFO will never ask you to make any payment or download any app or even ask you for any payment code or OTP. So, if you want to know how to check PF balance online, we explain it here. (HT_PRINT)
Bitcoin
4/7 How to check PF balance Via UMANG App - For checking PF Balance via UMANG App, you will first have to download the app and then log in by entering your UAN and OTP (one-time password) to check the PF account balance. (UMANG Twitter)
Bitcoin
5/7 How to check PF balance Via Text Message – EPFO members whose UANs are registered with EPFO can check their PF balance by sending a text message (SMS) to 7738299899 by typing 'EPFOHO UAN ENG' using your registered mobile number with the UAN (Universal Account Number). It can be noted that the last three digits of the message represents the language in which you want to receive the message. (Pixabay)
Bitcoin
6/7 How to check PF balance Via Missed Call – Members also have the option of checking the PF balance via call. Registered users can give a missed call to 011-22901406 from their UAN registered mobile number after which they will receive an SMS with details of the PF account balance. (Unsplash)
Bitcoin
7/7 How to check PF balance Via EPFO website - Visit the EPFO portal www.epfindia.gov.in and click on the ‘For Employees’ option under the ‘Our Services’ dropdown menu. Click on 'Member Passbook' and enter your UAN and password. Once you do so you will be able to see your passbook. It can be noted that people who have worked in more than one organisation will have different member IDs to choose from. (MINT_PRINT)
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Three pleaded guilty to wire fraud in opening accounts at financial institutions in their names or in the names of churches to allow someone to use the accounts to sell virtual currency. (AFP)

A New Hampshire man was convicted Thursday of running an unlicensed bitcoin exchange business and laundering over $10 million in proceeds of romance scams and other internet frauds following a two-week federal trial.

Prosecutors said Ian Freeman “created a business that catered to fraudsters" by failing to register his business with the Financial Crimes Enforcement Network as required by law, disabling ‘know your customer' features on bitcoin kiosks, and ensuring bitcoin customers didn't tell him what they did with their bitcoin.

Freeman's lawyer, Mark Sisti, said Freeman actually warned people of scams and he helped businesses in the community.

“We are definitely going to appeal," Sisti said. “We appreciate the jury's effort and time they spent on the case."

Freeman, 42, a libertarian activist and radio show host, was released pending his April 14 sentence and appeal.

Five others were arrested with him last year. Three pleaded guilty to wire fraud in opening accounts at financial institutions in their names or in the names of churches to allow someone to use the accounts to sell virtual currency. They received light sentences. A fourth pleaded guilty to operation of an unlicensed money transmitting business and awaits sentencing. Charges were dismissed against the fifth person.

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First Published Date: 24 Dec, 13:59 IST
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