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Son of ex-Palm Beach County School Board member pleads guilty to conspiracy charges in bitcoin case

Posted at 4:19 PM, Jan 09, 2017
and last updated 2017-01-09 16:19:45-05

NEW YORK (AP) -- The son of a former Palm Beach County School Board member in Florida has pleaded guilty to conspiracy charges in a bitcoin case.

Anthony Murgio faces a decade or more in prison at a June 16 sentencing. Murgio admitted he knew he was acting illegally when he participated in a money-exchange business that used bitcoins to launder cash for cyber criminals. Murgio's father, Mike, faces sentencing later this month after he pleaded guilty in October.

Prosecutors say the 33-year-old Murgio, his father and a third man operated a phony Florida-based business called the "Collectables Club." Authorities say it allowed criminals to buy bitcoins to launder their money under the pretense they were buying stamps and sports memorabilia.

Murgio admitted carrying out the crimes from April 2013 through July 2015.