Charlie Shrem Indicted by NY Court for Funneling Cash to Silk Road

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Charlie Shrem Indicted by a NY Court for funneling cash to Silk Road
Charlie Shrem Indicted by a NY Court for funneling cash to Silk Road

Charlie Shrem Indicted by a NY Court for funneling cash to Silk Road

A federal grand jury in New York has indicted Charlie Shrem on charges of funneling cash to the illicit online marketplace Silk Road. ForexMinute had earlier reported that he had to resign from the position of Vice Chairman at the Bitcoin Foundation after the charges came to light that he was involved in money laundering with Silk Road.

Silk Road, the underground marketplace best known for illegal drugs, was banned by the US authorities last year. The latest reports say that in connection with Silk Road even prominent Bitcoin entrepreneur Charlie Shrem has been indicted by a federal grand jury in New York. He was the young face of Bitcoin in the US for the last couple of years.

Shrem’s indictment on charges of funneling cash to the illicit online marketplace Silk Road is worrying for Bitcoin which is losing its luster after reaching the benchmark $1200 in November 2013. He carved a niche for himself at a very young age and became one of the digital currency’s most visible promoters.

Now, as he has been accused of conspiring with a Florida man, Robert Faiella, to sell more than $1 million in Bitcoins to the users of Silk Road despite knowing that it would be spent on illegal uses like drug trafficking, he has huge task to save himself from it.

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Indictment filed by Manhattan U.S. Attorney Preet Bharara

Manhattan U.S. Attorney Preet Bharara is known for getting successful convictions for criminals. The charges ranging from money laundering to conspiracy and failing to file suspicious activity reports with government banking authorities, etc. are some serious crimes. It will definitely be hard for Charlie Shrem to defend himself in front of Preet Bharara.

There are no responses from Shrem’s lawyer, Marc Agnifilo, and Faiella’s lawyer, David Braun, the two major accused in the case. It has to be seen what standing the two lawyers have in front of fierce Manhattan U.S. Attorney Preet Bharara who got India-born former Goldman Sachs director Rajat Gupta convicted for insider trading.

Earlier, Preet Bharara also charged Ross William Ulbricht with operating the site under the name “Dread Pirate Roberts.” Now, Preet Bharara’s office says that Charlie Shrem will be arraigned on the indictment on April 29 where he may face a maximum prison term of 20 years if convicted on the most serious charge.

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To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

  • BillB

    BANKSTERS Launder BILLIONS and no one goes to Jail. Double Standard?

  • BillB

    BTC Needs this to happen to clean house so it can move on.