Dear Visitor,

Our system has found that you are using an ad-blocking browser add-on.

We just wanted to let you know that our site content is, of course, available to you absolutely free of charge.

Our ads are the only way we have to be able to bring you the latest high-quality content, which is written by professional journalists, with the help of editors, graphic designers, and our site production and I.T. staff, as well as many other talented people who work around the clock for this site.

So, we ask you to add this site to your Ad Blocker’s "white list" or to simply disable your Ad Blocker while visiting this site.

Continue on this site freely
  HOME     MENU     SEARCH     NEWSLETTER    
THE ENTERPRISE SECURITY SUPERSITE. UPDATED 5 MINUTES AGO.
You are here: Home / Cybercrime / Bitcoin Boss: 5+ Years in Prison
Florida Bitcoin Processing Boss Gets 5+ Years in Prison
Florida Bitcoin Processing Boss Gets 5+ Years in Prison
By Larry Neumeister Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
JUNE
28
2017
A Florida man was sentenced to 5 1/2 years in prison by a judge who said he used a "pyramid of lies" to boost a business that helped criminals process millions of dollars in illegal bitcoin transactions.

Anthony Murgio, of Tampa, pleaded guilty earlier this year to conspiracy charges, admitting he knew he was acting illegally when he enticed friends and family members, including his father, to help him operate a crooked money exchange business.

"I screwed up badly," he said in court Tuesday.

His father, a former Palm Beach County, Florida, school board member, also has pleaded guilty in the scheme.

U.S. District Judge Alison J. Nathan in Manhattan noted that Murgio's victims included a federal credit union that served a low-income community in Lakewood, New Jersey.

Prosecutors said the 110-member once-healthy credit union was forced into liquidation after 36 years after Murgio and his friends made $162,000 in "donations" and "consulting fees" to a local church in a corrupt deal to take control of the credit union and process more than $60 million in transactions for their illegal activities.

The judge called Murgio's greed-driven plans "dangerous and destructive" criminal conduct.

"Mr. Murgio led his co-conspirators in a pyramid of lies," the judge said.

Through sobs, Murgio, 33, apologized for involving friends and family members as many of them cried from the first row of spectator benches.

"I'm sorry for all the damage I've caused to so many people," he said. "I put myself above the law."

He said the prosecution had given him perspective.

"Money comes and goes," he said. "The satisfaction you get from helping somebody's life is not even in the same universe as making $50,000 in a transaction."

Prosecutors said Murgio processed more than $10 million in illegal bitcoin transactions from April 2013 through July 2015.

Murgio, his father and another man admitted roles in operating a phony Florida-based business called the Collectables Club. Authorities said the business allowed criminals to buy bitcoins to launder their money under the pretense they were buying stamps and sports memorabilia.

Prosecutors had requested Murgio serve more than a decade in prison.

© 2017 Associated Press under contract with NewsEdge/Acquire Media. All rights reserved.

Image credit: iStock.

Tell Us What You Think
Comment:

Name:

Like Us on FacebookFollow Us on Twitter
MORE IN CYBERCRIME
ENTERPRISE SECURITY TODAY
NEWSFACTOR NETWORK SITES
NEWSFACTOR SERVICES
© Copyright 2017 NewsFactor Network. All rights reserved. Member of Accuserve Ad Network.