GRAND RAPIDS, Mich. (WOOD) – The founder of the innovative technology hub formerly known as The Geek Group took to YouTube Saturday night to offer an explanation as to why the business closed following a raid of the West Side offices by the FBI and the Homeland Security Agency.

Chris Boden, president of the National Science Institute on Leonard Street NW, said that computers, hard drives and other equipment was removed from the office on Dec. 21 because he was commercially trading in crypto-currency without the proper authorization.

Boden said he believes he is facing federal prison and said he believes he will spend more than $100,000 in legal expenses.

Using explicit language, Boden accepted responsibility for his actions and took the blame for the closing of the business, which occurred 10 days after the raid.

“I did a stupid thing, I made a bad decision, so I’m going to pay for it.” Boden said Saturday.

The nonprofit tech-science organization was created in 1994. It provided workspaces for people and offered services like low-cost computers to families and acted as an incubator for local innovation.

Boden said all of the businesses’ assets, including the building, will be sold off.

It is unclear what charges Boden may be facing. Federal officials have declined comment.

On Sunday, Boden released a statement saying that on the advice of his lawyers, he won’t be commenting further.