Following the investigation of a massive JPMorgan hack, the FBI and the US Secret Service filed charges against the operators of Coin.mx, an exchange headed by Anthony Murgio. According to the allegations, they operated Coin.mx in violation of federal anti-money laundering laws and engaged in substantial efforts to evade the detection of their scheme by creating a phony front company called “Collectables Club”. This way they sought to deceive the major financial institutions through which they operated into believing that their business was a forum for items such as stamps and sports memorabilia.
In addition to lying to financial institutions, Murgio and his co-conspirators deceived credit card issuers into authorizing payments and ACH transactions to purchase bitcoins. In particular, Murgio and his co-conspirators deliberately misidentified and miscoded transactions, and limited the amount of individual transactions in order to avoid arousing suspicion from the banks. They also instructed their customers to lie to banks about the transactions and to state that they were for the exchange of collectable items.
http://www.financemagnates.com/cryptocurrency/education-centre/bitcoins-are-funds-proclaims-us-federal-judge-in-coin-mx-exchanges-case/
