Charlie Shrem Gets Two-Year Sentence: "I Think It Turned out Alright"

Former BitInstant operator Charlie Shrem was handed a two-year prison sentence on Friday.

Shrem had pleaded guilty to charges of aiding and abetting an unlicensed money transmitting business in September. As part of a plea deal, he and accused co-conspirator Robert Faiella forfeited $950,000. Charges of Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term were dropped.

Judge Jed Rakoff said that Shrem knowingly engaged in activities that were in violation of the law. Sentencing guidelines originally called for up to 71 months.

Shrem's attorney, Marc Agnifilo, argued that Shrem's actions were a momentary youthful lapse and that a lengthy sentence would be too harsh. Agnifilo has been instrumental in helping Shrem obtain relaxed terms of house arrest which allowed him to travel within the New York area and remain highly active in the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term world.

Shrem sought to show remorse in court, saying:

"I screwed up. The bitcoin community, they're scared and there is no money laundering going on any more. They're terrified. Bitcoin is my baby, it’s my whole world and my whole life, it’s what I was put on this earth to do. I need to be out there. If your honor grants me that, I can be out there in the world, making sure that people don't do the same stupid things that I did."

He departed the courthouse with family, allowed to surrender to federal prison in March. He told Bloomberg:

"Justice has been served. They were trying to put me away for more than six years, which would have been unfair. I think it turned out alright."

Sentencing for Faiella is scheduled for January.