Two brothers from New Milford NJ have been accused of committing credit card fraud.

According to law enforcement, the suspects bought bitcoins and then exchanged them online for real cash. However, immediately after making the online deals, the suspects allegedly cancelled the dealings by having their bank reverse the transactions. The suspects then illegally pocketed the money and used it to pay for memberships to Paramus NJ gyms.

Moreover, the suspects allegedly used stolen credit card information to buy the bitcoins in the first place. The suspects reportedly stole in excess of $10,000.

Bitcoins are an online currency, with their own exchange rate, used to buy goods and services over the Internet.

After receiving a tip about the suspects’ alleged fraud, the Paramus Police Department, the New Milford Police Department, the Glen Rock Police Department, and detectives with the Bergen County Prosecutor’s Office White Collar Crimes Unit opened an investigation.

Investigators soon determined that the suspects likely stole credit card data and then made illegal and fraudulent transactions over the Internet.

The suspects, a 24-year-old New Milford man and his 22-year-old brother, have been charged with multiple crimes, including several counts of theft and credit card fraud.

After being arrested and processed, the older brother was taken to the Bergen County Jail in Hackensack, New Jersey. He was being held at the correctional facility in lieu of $110,000 bail. Meanwhile, the younger brother was processed and then released on his own recognizance.

For further information about this case, read the Patch.com article, “Bergen County Brothers Arrested for Allegedly Stealing $10,000 in Virtual Currency: Prosecutor.”