The folks who ran Liberty Reserve, which prosecutors say was a massive online money-laundering operation, apparently weren't all that concerned with authorities taking even a cursory look at the books. As Bloomberg reports, an undercover agent set up his account under the name of "Joe Bogus" with an address of "Completely Made Up City, New York." Other accounts were under the names "Russian Hackers" and "Hacker Account."
Prosecutors say the bank, incorporated in Costa Rica in 2006, catered exclusively to criminals, including child pornographers, identity thieves, and drug traffickers. The bank operated one of the world's most popular digital currencies, giving its 1 million account holders an easy, anonymous way to make transactions. Seven people have been charged, including two Brooklyn residents who previously ran a company that served as an illegal exchange for "e-gold."