Two brothers from New Milford, New Jersey allegedly committed credit card fraud in order to steal online currency known as Bitcoin.
According to authorities, the suspects stole credit card information and then used the data to purchase bitcoins online. The suspects then allegedly made online deals using the bitcoins, only to later cancel the transactions so that they could pocket the cash.
Among other things, the suspects reportedly used the stolen funds to cover the costs of gym memberships in Paramus, New Jersey.
In total, the suspects reportedly stole more than $10,000.
After receiving word of the suspects’ alleged fraud, the Paramus Police Department began an investigation. Paramus police were assisted in the investigation by the New Milford Police Department, the Glen Rock Police Department, and detectives with the Bergen County Prosecutor’s Office White Collar Crimes Unit.
The suspects, a 24-year-old New Milford man and his 22-year-old brother, were eventually arrested and charged with a number of crimes, including multiple counts of theft and credit card fraud.
After being arrested and charged, the older brother was moved to the Bergen County Jail in Hackensack, New Jersey. He was being held at the jail in lieu of a $110K bail amount. Meanwhile, the younger brother was secured his release from police custody on his own recognizance.
For additional information about this case, view the Patch.com article, “Bergen County Brothers Arrested for Allegedly Stealing $10,000 in Virtual Currency: Prosecutor.”