Shrem was indicted on April 10, 2014 on accusations of "operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities."[31] On September 4, 2014, he pleaded guilty to a reduced charge of aiding and abetting unlicensed money transmission.[32][33] On December 19, 2014, he was convicted of the reduced charge, ordered to forfeit $950,000, and sentenced to two years in prison.[4] He surrendered to authorities on March 30, 2015, and subsequently entered Lewisburg Federal Prison Camp in Pennsylvania. He was released from prison around June 2016.[citation needed]