Former BitInstant CEO and Bitcoin Foundation board member Charlie Shrem was sentenced on 20 December 2014 to do two years in prison after pleading guilty to aiding and abetting the operation of an unlicensed money transmitting business.
Shrem will also serve three years of supervised release in addition to the prison sentence.
Judge Jed Rakoff, who presided over the case, rejected the defense’s plea for probation only but stopped short of imposing a harsher sentence based on the charges at hand.
Shrem acknowledged the illegality of his actions, stating in court:
“I have no excuses for what I did. I broke the law and I broke it badly.”
Today 30 March 2015 he is self-surrendering to Lewisburg Federal Prison Camp in Pennsylvania.
Well I'm off to prison now! Follow my twitter for tweets from the inside #Bitcoin
— Charlie Shrem (@CharlieShrem) March 30, 2015
On his blog, he told people how this period was for him, a nightmare but with a bit of imagination, friends support & Bitcoin Community he could make his home arrest more easy to digest.
Quote from his blog:
Of course, no year is wasted in Bitcoin and I’ve made the best of house arrest. From consulting for Payza, Decentral.tv and others to piloting Bitcoin payments at Holidy Inn Hotels and other companies. I’ve made many speeches, some over skype and some in person. I even had a ShremBot take my place! I’ve met with dozens of VC’s and offered free advice to hundreds of companies, got to spend time with friends, throw parties and enjoy time with the love of my life. Making the best of house arrest requires some creativity, like hiring a Jazz Duo to serenade us on Valentines Day (bonus points because I even got to pay in Bitcoin)
Charlie Shrem it’s a respected member of Bitcoin Board & Community and he took his sentence with manhood as he know it was guilty and broke the law. But we believe the sentence was a bit too harsh regarding that this was his first offence and he admitted his guilt. But we don’t make the laws and we don’t give the sentences, only the lawmakers do that. And if they think putting in jail an entrepreneur that made a single mistake, then I think bankers should do lifetime in prison for their mistakes.
We from cryptobuzzing are beside Charlie Shrem and we will try to raise some funds to send him via Bitcoin. You can help us also by pressing the “Tip” Button from ChangeTip. Or you can directly help him by following the instruction from his blog post, here: http://charlieshrem.com/so-im-going-to-prison/ .
If you can help you should help him. It’s easy and it can be from just 5$. I personally the Editor of this article did 7 months in prison and I know how hard it is for him. I know he is trying to stay strong for his friends, family and supporters and he will manage to do that with success & our help, the entire community help.
Stay strong Charlie!