Bitcoin Boss Goes to Jail
Posted by: Timothy Weaver on 07/03/2017 12:00 PM
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Anthony Murgio, 33, of Florida, is the man behind the ill-fated Coin.mx Bitcoin exchange.
He admitted in January that he was the head honcho behind the exchange from 2013 to 2015. He also admitted to laundering millions of dollars from hackers. The proceeds were disguised as debit and credit card purchases and sales of Bitcoins.
He pleaded guilty in a New York court to charges of conspiracy, wire fraud, bank fraud, and bribery. The court considered Murgio's remorse and handed down a light sentence of 66 months.
Murgio was not alone in the scheme. His co-conspirators at Coin.mx, Yuri Lebedev and pastor Trevon Gross, were found guilty of bribery, wire fraud, bank fraud, and fraud conspiracy.
According to the US Department of Justice, Murgio started out using the exchange to launder money for hackers. But he expanded with the help of Gross to enlist the aid of a New Jersey credit union as a front for the operation.
Prosecutors had originally sought a sentence of 10 years. The Department of Justice said in its sentencing submission: "Lies conceived and deployed by Murgio permeated every aspect of Coin.mx's operation, including its use of front companies, like Collectables Club and Currency Enthusiasts, to try to conceal the illicit nature of the operation."
Source: The Register
He admitted in January that he was the head honcho behind the exchange from 2013 to 2015. He also admitted to laundering millions of dollars from hackers. The proceeds were disguised as debit and credit card purchases and sales of Bitcoins. He pleaded guilty in a New York court to charges of conspiracy, wire fraud, bank fraud, and bribery. The court considered Murgio's remorse and handed down a light sentence of 66 months.
Murgio was not alone in the scheme. His co-conspirators at Coin.mx, Yuri Lebedev and pastor Trevon Gross, were found guilty of bribery, wire fraud, bank fraud, and fraud conspiracy.
According to the US Department of Justice, Murgio started out using the exchange to launder money for hackers. But he expanded with the help of Gross to enlist the aid of a New Jersey credit union as a front for the operation.
Prosecutors had originally sought a sentence of 10 years. The Department of Justice said in its sentencing submission: "Lies conceived and deployed by Murgio permeated every aspect of Coin.mx's operation, including its use of front companies, like Collectables Club and Currency Enthusiasts, to try to conceal the illicit nature of the operation."
Source: The Register
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