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BitInstant CEO Charlie Shrem Released on $1 Million Bail

Avatar newsbtc 6 years ago

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On Monday it was reported that BitInstant CEO Charlie Shrem was arrested at John F. Kennedy International Airport in New York City on suspicion of involvement with Silk Road — the now infamous online ‘underground’ drug marketplace.

Shrem is suspected to have been money laundering, with ties to Silk Road by selling over $1 million in the digital currency to users of the marketplace. In addition, charges on Shrem include operating a money-transmitted business without registering with FinCEN — the United States Treasury’s Financial Crimes Enforcement Network.

“At this point the allegations in the complaint are simply allegations, and Mr. Shrem is presumed innocent,” said Shrem’s legal counsel, Keith Miller.

Shrem appeared at the United States District Court in Manhattan, where United States attorney Serrin Turner had opposed giving 24-year-old Shrem bail, citing that Shrem has strong incentive to flee the country, and has adequate resources to do so (with an estimated net worth of $6 million).

Nonetheless, bail was posted at $1 million and Shrem left the court, but will remain confined to the home of his parents in the Brooklyn borough of New York City, where he will await trial. (via The Globe and Mail)

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