Florida man sentenced in credit union Bitcoin fraud case

Michael Murgio, who participated in a scheme to control a New Jersey Credit Union to conceal an illegal Bitcoin operation, was sentenced to one year probation last week in U.S. District Court in New York City.

U.S. District Court Judge Alison J. Nathan also ordered the 66-year-old Florida man, who has a net worth of more than $2 million, to pay a $12,000 fine and serve 200 hours of community service, according to court documents.

Prosecutors recommended that Murgio receive a sentence of 10 months to 16 months because of the nature and seriousness of the offense, the need to promote respect the law, provide just punishment and afford adequate deterrence.

Murgio’s attorneys, Stuart N. Kaplan and Joseph G. Sconzo of Palm Beach, Fla., argued for probation because of their client’s age, his lack of any criminal history and his lifetime devotion to community service and the education of children.


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