Palm Beach School Board Member Charged With Money Laundering

A Palm Beach County school board member is being charged with money laundering as part of a federal investigation unrelated to his elected office.

Michael J. Murgio was arrested Thursday by the FBI. According to a grand jury indictment out of New York, the 65-year-old board member, his son, Anthony, and another 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.

They are also accused of bribing the chairman of a New Jersey credit union to gain control of its operations to facilitate their money laundering.

A phone number listed for Michael Murgio was disconnected, and it could not be determined if he has an attorney.

Copyright AP - Associated Press
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