E-Gold charged with money laundering

E-Gold charged with money laundering
Robert Lemos, SecurityFocus 2007-04-30

UPDATE - Following a two-and-a-half year investigation, federal prosecutors charged online payment service E-Gold, its parent company Gold & Silver Reserve, and its three owners with four counts of violating the U.S. laws restricting funds transfers and money laundering, according to an indictment unsealed on Friday.

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E-Gold charged with money laundering 2007-04-30
Anonymous (2 replies)

This doesn't surprise me. What surprises me is that nobody has busted Western Union yet. With regards to fraud, E-Gold is big, but Western Union is much bigger....

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Re: E-Gold charged with money laundering 2007-05-01
Anonymous (1 replies)

they cant understand one simple thing. they close e-gold - they will lose control, couz there are many already build and working e-currencies that will replace e-gold in a very short time...

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Re: Re: E-Gold charged with money laundering 2007-05-01
Matthew Murphy (1 replies)

You apparently can't understand one even simpler thing: they had no control over eGold. One of the charges was that eGold was an unregistered transfer business and was not reporting to the feds at all. Other, more legitimate transfer businesses do report. That reporting makes transfers easier to ...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-31
Anonymous

did you ever ask yourself why drug dealers, alien smugglers, fraudsters, etc., almost exclusively use Western Union and companies like E-Gold????...

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Re: E-Gold charged with money laundering 2007-05-01
Matthew Murphy (1 replies)

Does *anyone here* understand what the difference is between a financial service like Western Union, which is registered, licensed and reports its transactions to the relevant jurisdictions, and eGold, which is unlicensed and allows people to move money without any recorded evidence of the activity?...

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Re: Re: E-Gold charged with money laundering 2007-05-02
Anonymous (2 replies)

What is it you don't understand about the fact that e-gold never accepts actual cash? They only accept bank transfers. So why aren't we looking at the banks?...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-11
Anonymous

Nothing. Operating such a transfer service as eGold without a license is a federal offense, period... regardless of if the transactions are real or electronic.

We aren't looking at the banks because they're lawfully licensed to make such transfers and report required information to the governmen...

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Re: Re: Re: E-Gold charged with money laundering 2007-06-13
Anonymous

it's true;-)so this e-gold thing is legal if the banks accepts its transactions....

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E-Gold charged with money laundering 2007-05-01
Anonymous (5 replies)

Dollar Falls. Gold Raises. E-Gold Targeted.

It was the intention by the secret services to taint e-gold beyond its ability to conduct business. The link to child pornography was clearly designed to terminate the business. A dead giveaway that the powers that be are out for the juggler. I?m surpri...

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Re: E-Gold charged with money laundering 2007-05-01
Anonymous (3 replies)

Just an FYI, we don't have secret police in the United States. The "Secret Service" is as much a public law enforcement organization as the FBI, for example. They're so named because they're an executive agency independent of DOJ and they have law enforcement authority. They're not above the law....

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Re: Re: E-Gold charged with money laundering 2007-05-01
Anonymous (1 replies)

I've been an e-gold account holder for a long time and in my experience e-gold has always done it's best to prevent it's service from being used for crime. If some criminal payments were made, I highly doubt e-gold had any knowledge of it. Whenever e-gold had reason to believe an account was involve...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-02
Anonymous (2 replies)

Sorry, but the law is pretty clear on the matter. Money transfer services have to register and obtain a license, which involves providing certain reporting assurances to the government which eGold did not. That in itself is a violation of federal law.

eGold's founders knew that, which is why ...

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-02
Anonymous (1 replies)

You need to do your research a little more carefully. E-gold attempted numerous times to obtain a license. They tried to inform the SS of any and all suspicious activity. They did not lie about the location of their assets. And to say they did next-to-nothing is laughable, to say the least....

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Re: Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-11
Anonymous (1 replies)

They did lie about the location of their assets; the indictment clearly shows how E-Gold's assets are allegedly located beyond the control of the U.S. Government. Yet, a seizure executed on U.S. soil turned up... tada... E-Gold assets. That is why they couldn't get a license.

Draw conclusions f...

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Re: Re: Re: Re: Re: Re: E-Gold charged with money laundering 2007-06-17
Anonymous

Lol.

Wow, you have all the eveidence - guess they won't need their day in court....

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-06-13
ukguy

So why does the government not just close it down!so all the illegality of all sorts in this business would be prevented and people who wants to invest to this e-gold would be stopped!...

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Re: Re: E-Gold charged with money laundering 2007-05-02
Anonymous (5 replies)

First of all, an indictment is not a verdict. Is there not still an "innocent until PROVEN guilty" clause somewhere? Secondly, if your argument is correct, then let's indict MasterCard, Visa, American Express, Discover, PayPal, etc. All of these are used by criminals in many different genres. Let us...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-07
Anonymous (3 replies)

I think this is a valid point. Isnt' the purpose of e-money and such services to be a service online that can mimic the use of cash? I thought e-money type systems were supposed to be completely anonymous.

Where do we draw the line?? just because criminals use a service doesn't mean the ppl offeri...

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-08
Anonymous

very good point, those charge is stupid ...

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E-Gold charged with money laundering 2007-06-17
Anonymous

Wow, there are actually some intelligent people on this monitor!

I get depressed when I see people believe everything governments tell them.

E-gold certainly knew there were problems, but no more than you get with any currency - The real issue here is that the powers that be don't want any-on...

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-07-07
Anonymous

The problem is not the transportation compnay, the problem is, was the transport company licensed to do what its doing? If thats in the affirmative, then it should follow laid down rules and procedures, otherwise, it has no business being engaged in the transport business.

Rules and regulation he...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-11
Anonymous

The problem with your argument is that E-Gold appears to have *deliberately* allowed criminals to access its services. Furthermore, they didn't register with the government as U.S. law, again, *REQUIRES*....

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Re: Re: Re: E-Gold charged with money laundering 2007-05-14
Anonymous (1 replies)

This is absolutely right. Paypal with its 17 billion transactions per year is probably the largest money laundry operations in the world. There customer verfications are a joke!

What does sending 2 small transactions prove that the client is who he claims to be (if he has an offshore bank card...) ...

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-20
Anonymous

Back in the late nineties e-gold was a safe place to conduct business, but in the last 2-3 years many folks were scammed by the so called hyips. I spend $5000 and my money went...God only knows where...the transaction was not even listed in the transaction history of my e-gold back office, and my a...

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Re: Re: Re: E-Gold charged with money laundering 2007-06-13
Anonymous

Yes! why dont they just do that! to stop people like me who wants to invest would be prevented from scam!it's like the police caught a murderer on act! be the police just ignored it? ...

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Re: Re: Re: E-Gold charged with money laundering 2007-08-31
Anonymous

I completely agree,all other forms of e-payments should be charged to court,as also aid criminal transfer of money...

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Re: Re: E-Gold charged with money laundering 2007-06-13
Anonymous

So if e-gold is clearly illegal due to the fact that they have violated U.S "Laws" why dont they-government just close it down so people like me want to invest in it would be prevented from this scam? it's like you know that there's already a small fire why havent you put if off before it burn the ...

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Re: E-Gold charged with money laundering 2007-05-09
Roland Albert

Hello

In my view everything will be back but with some new terms and conditions

All USDOJ did is allegations not final judgement so now case will be procced in routine and its hard

for us gov as well to delcare all accounts misused. US govt cannot eat the whole bunch of money just

by a...

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Re: E-Gold charged with money laundering 2007-08-02
Anonymous

I do believe that the owners confessed that they did report the pedophiles who paid for the sites to the proper authorities but they just found it convient to steal their credit card numbers and use them to get undocumented cash to support undocumented acts ...

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Re: E-Gold charged with money laundering 2007-10-03
Anonymous

I will say this....first, it waas release all private docutments from tlelphone companies, and cell phone companies. I remember i gave up my home phone because of telemarketers, then bush lets the telemarketers call our cells and bother us, curning up our minutes and money. Secondly, if all of thi...

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Re: E-Gold charged with money laundering 2008-02-16
Anonymous

I am truly scared in the way america has turned, how the land of the free is becoming the land of the enslaved, yet the illusion that they cast is almost perfect and have the population living a false reality.

people that will sacrifice their freedoms for safety deserve neither. -- George Washing...

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E-Gold charged with money laundering 2007-05-01
Anonymous (1 replies)

What doesn't make sense is the criminals that were using this service will just go elsewhere....

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Re: E-Gold charged with money laundering 2007-05-01
Matthew Murphy (3 replies)

The point is to shut down these unlicensed quasi-legitimate business like eGold, which have insufficient safeguards to impede widespread criminal laundering, and force the crooks to places with more monitoring and more evidence retention. It's all about making the money traceable, not eliminating t...

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Re: Re: E-Gold charged with money laundering 2007-05-01
Anonymous (1 replies)

But I much prefer that my money is untraceable. This is not for criminal means but for privacy....

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Re: Re: Re: E-Gold charged with money laundering 2007-05-02
Matthew Murphy (1 replies)

Then use a service outside of the physical boundaries of the United States, where transfer laws don't require reporting, or petition your legislators to change the law if you live here.

The law is the law, and transfer services here MUST register and report. No disrespect intended to you, but ...

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E-Gold charged with money laundering 2007-06-17
Anonymous

You are merely another govt minion. Its so sad to see people abandon the principles of liberty - but, its to be expected.

Governments last about 150-200 years, on average. The original republic lasted about 100 years, and now we're at about 150 years with Lincolns Democracy.

So many foreigne...

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Re: Re: E-Gold charged with money laundering 2007-05-02
Anonymous (1 replies)

No more like the DOJ will just close such web companys and sieze all such currancys regardless if it is or isnt lawfull which is unfair on the honest citizen and in doing so you have to ask the question where does such siezed funds actualy end up because it isnt back were it was taken from...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-02
Matthew Murphy (2 replies)

Assets that are frozen by any federal agency end up in the U.S. Treasury if they're permanently frozen. Put another way, they're liquidated to pay the interest on the U.S. national debt.

DOJ cannot arbitrarily seize assets, either. An asset freeze requires a seizure order from a federal judge, ...

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-02
hyippers (2 replies)

Guys...

beside of that..

does anyone believe that egold will survive?

what is the best to do at the moment?

withdraw all money or just wait and see?

...

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Re: Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-02
A fellow e-gold account holder

Wait and see. Motions are being filed as we speak to bring this ridiculous witch-hunt to an end. Hang in there....

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Re: Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-03
Ren Rutledge

I don't expect E-Gold to servive. Now that the government has targeted E-Gold they will do all they can to discredit them and destroying any hope for them to survive. Even if E-Gold is not guilty of any crime, our government will see to it that crime will be found even if the "justice" department ...

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-02
Anonymous (1 replies)

Actually, the DoJ can and has seized these funds illegally. They lied in the original warrant request. And the good old "homeland security act" allows them to do it. All they have to do is allege conspiracy with terrorists and they can do whatever they darn-well please. The Constitution has become j...

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Re: Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-11
Matthew Murphy (2 replies)

There's no such thing as the "Homeland Security Act". The funds haven't been "seized", but "frozen". They are in the custody of the original account holders, with orders placed on the financial institution not to allow them to be withdrawn. Freeze is not seizure....

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Re: Re: Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-14
Anonymous

How about they "freeze" your assets? It is a seizure, no two ways about it. The assets are not available to the people to whom they belong and will not be available until the government decides they don't want them anymore. If they decide to keep them, the legal owners don't see them ever again. Tha...

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Re: Re: Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-14
Anonymous

You are correct in only one thing. I mis-spoke when I called it the Homeland Security Act. It is, of course, the "Patriot" Act. That's where anyone who wants to be a patriot gives up their right to life, liberty, and the pursuit of happiness without Big Brother watching. I believe it was Thomas Jeff...

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Re: Re: E-Gold charged with money laundering 2007-05-02
Anonymous (1 replies)

Mr. Murphy, please! Insufficient safeguards!! Stop talking and starting reading. Please go to e-gold.com and try it. You are talking without knowledge. Next, you'll be running for President!...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-11
Matthew Murphy

Federal law requires more safeguards than E-Gold employed. Period. It doesn't matter who they inadvertently helped at that point -- they still broke the law....

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E-Gold charged with money laundering 2007-05-02
Anonymous (2 replies)

I'm on E-gold's side. You came up with an original idea and made it work for innocent people like me and I thank you for that opportunity. I wish the US Feds would concerntrate on looking after the people that need help ie Hurricane Katrina victims who you have forgotten about or is this a way for t...

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Re: E-Gold charged with money laundering 2007-05-03
Ren Rutledge

Privacy in the USA was a good thing when we had it.

There was a time when our law makers paid attention to the constitutional rights of the people, and citizens were able to go in business without fear of the corrupt law enforcement departments.

Almost everyday we learn about lives being ru...

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Re: E-Gold charged with money laundering 2007-05-03
Matthew Murphy (4 replies)

E-Gold *broke the law*. What about that don't you get?

Would you take a murderer's "side" because he had helped you in some other way before he was indicted? Don't think so.

E-Gold's benefit to you does not negate the fact that it was run by criminals, nor is the way it operated inherently c...

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Re: Re: E-Gold charged with money laundering 2007-05-06
Anonymous (1 replies)

Matthew, some of us still care about freedom and liberty, and don't *want* the federal government to have a database of every financial transaction under the auspices of fighting "terrorism" and "child porn" and "drug users".

For hundreds of years people made transactions in person using goods or...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-11
Matthew Murphy (1 replies)

Standing up to bad laws is why we have a legislative process. Civil disobedience is still illegal. This database has been around since before terrorism, porn, and drugs became the big three. Think "organized crime". Don't like it, challenge the law, not the prosecutors who enforce it....

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-14
Anonymous

Civil disobedience... like the Boston Tea Party? Paul Revere? George Washington? ...

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Re: Re: E-Gold charged with money laundering 2007-05-07
Anonymous (2 replies)

e-gold broke... what law???? They tried numerous times to obtain a license from the U.S. government, which the government claimed they did not need. They vigorously assisted several government agencies in investigating and busting cyber criminals that were using and abusing e-gold, and they have kep...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-09
William Albert

Hello

In my view everything will be back but with some new terms and conditions

All USDOJ did is allegations not final judgement so now case will be procced in routine and its hard for us gov as well to delcare all accounts misused. US govt cannot eat the whole bunch of money just by allegatio...

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Re: Re: Re: E-Gold charged with money laundering 2007-05-11
Matthew Murphy (1 replies)

It's a really simple concept. If you're denied a permit to operate a supposedly lawful business, you sue for a permanent injunction blocking the government from enforcing the permit law against you. You don't open it anyway. E-Gold's very existence was a product of illegal activity. Period....

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Re: Re: Re: Re: E-Gold charged with money laundering 2007-05-14
Anonymous

I love how you make ridiculous statements and then say "Period," as if that is the end of it. E-gold's existence is the product of hard work and the free enterprise system. Oh, wait, that's a bad word now right? What is the newspeak term for it???

And if you did your research you would uncover th...

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Re: Re: E-Gold charged with money laundering 2007-05-14
Anonymous

I'm so glad you finally showed your true colors, Mr. Murphy. E-gold and it's co-owners have been indicted, not found guilty. They are not criminals, they are citizens who have been accused of a crime that I personally don't believe they committed. You have been throwing around a lot of comments that...

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Re: Re: E-Gold charged with money laundering 2007-06-11
Anonymous

Mr Murphy,

What part don't you get, you socialist, globalist scum. If the law was broken, then its because the laws are currupt. The constitution is above any law of the land, and it garentees our privicy, which is being taken away by power hungry, fredom hating, knucleheads like you. Wakeup Americ...

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Dollar Falls. Gold Raises. E-Gold Targeted 2007-05-03
Anonymous

It was the intention by the secret services to taint e-gold beyond its ability to conduct business. The link to child pornography was clearly designed to terminate the business. A dead giveaway that the powers that be are out for the juggler. I?m surprised they didn?t go further and falsely link e-g...

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E-Gold charged with money laundering 2007-05-03
AnonymousWizbone

God forbid anyone try and use a currency not kept under the watchful eye of our caring governments. This has nothing to do with identity theft, child pornography, or terrorists. This has everything to do with taxation and control.

I don't see anyone shutting down paypal and I'd be willing to bet ...

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E-Gold charged with money laundering 2007-05-03
Anonymous

"Federal prosecutions in the United States are *exceedingly rare*, meaning that eGold, simply put, was grossly negligent" is an interesting statment. Unfortunately, many jurors within the US also make this fallacious leap, namely, they must have done something wrong -- why else would they have been ...

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This is on the MMF Hall of Humiliation's main page: 2007-05-07
BobCat

Now the MMF Hall of Humiliation has this article on their main page:

http://www.mmfhoh.org/index.php?title=e_gold_indicted&more=1&c=1&tb=1&pb=1...

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E-Gold charged with money laundering 2007-05-07
anon

as a person working at a company that could be used to facilitate illegal actions (including child porn) I have to say that the actions here are scary to me. It is very hard to find any reasonable way of ensuring that we can transfer accountability of the operation of our service to the user rather ...

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E-Gold charged with money laundering 2007-05-08
Mark Herpel (1 replies)

I'm definitely on e-gold's side, but this action and the one back in 2005 should signal some upgrades to the e-gold business model. Or perhaps a move to Panama. Doing financial business in the US requires some KYC and AML safeguards, there is really no disputing that, the sooner they make a few mino...

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Re: E-Gold charged with money laundering 2007-05-09
aaaaa

E-gold should make donation link for him to help them to collect money to buy best lawyer on earth so everybody who is on e-gold side can make small deposit to support e-gold...

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E-Gold charged with money laundering... help 2007-05-09
Anonymous (2 replies)

basically, id never heard of e-gold until today. my mother in law received an email from them saying the accounts been paid, theres x amount in the account etc. is this anything to worry about? what shal she do? any help is much appreciated x...

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Re: E-Gold charged with money laundering... help 2007-05-11
Anonymous (1 replies)

Does she registered an account in e-gold?

And what account number (if exist) in this e-mail?

...

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Re: Re: E-Gold charged with money laundering... help 2007-05-15
Anonymous

Do NOT reply to that email. Please go to the e-gold.com home page and report this. They have been fighting pirates for a while now and have shut down several hacker companies who are trying to rip off legitimate account holders. Follow the instructions on the page for reporting fraudulent activities...

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Re: What's going on? 2007-09-02
Dani (1 replies)

I am an egold client. The site has not been opening recently. Are the updating or is it as a result of the indictments? Are they still in business? Please I want to know what's going on now!...

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Re: Re: What's going on? 2007-10-14
Anonymous

I have no idea I just know for the last month or so I can not get into my account ...

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E-Gold charged with money laundering 2007-05-15
DailyEclectic (1 replies)

This appears to be an outrage. As far as I can see, e-gold has tried to be a good citizen while offering an innovative, alternative payment system. The government has a lot to prove before they can make the indictment stick. Unfortunately the cost of defending is very steep and e-gold may not have...

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Re: E-Gold charged with money laundering 2007-05-18
Anonymous

Free people should be able to place the proceeds of their hard work into any asset they please. Many innocent people were robbed by their feds with the usual excuses of terrorism and child porn. How would you like it if the government took all your money from your bank account because the head of th...

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Government Tyranny! ------- E-Gold charged with money laundering 2007-05-19
Anonymous (1 replies)

"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." BENJAMIN FRANKLIN How pathetic it is to see the United States goverment and more so the people of the United States give up basic rights to privacy and liberty under the constitut...

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Re: Government Tyranny! ------- E-Gold charged with money laundering 2007-06-17
LS

You're problem is you know too much. Why don't you just go back to sleep like Joe Six Pack who only cares how well his basket ball team is doing? ...

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Excellent... let's move on to eCache now. 2007-05-21
Anonymous

So it's illegal to run an anonymous bank? You can always just hide it within the Tor network like the eCache guys did.

Money laundering laws are already completely ridiculous, so seriously, why follow them? It's cowardly and immoral to quietly abide by an unjust law out of fear when you have the ...

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Guilty: E-Gold or the Gov? 2007-09-16
Anonymous

I think that the gov. is the biggest corrupt system in the world.

To much bullshit about terrorist and child porn.

They (Presidents, congressmen, representatives, city officials, cops (pigs)) are all perverts and criminals.

The President and his family has ties with Bin Ladin. Other Presid...

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E-Gold charged with money laundering 2008-02-16
Anonymous

the only reason e-gold is being demonised by the federal government is because the Federal Reserve likes having the monopoly on creating money and wealth out of thin air at the cost to the american people. If people hold there savings in gold backed funds the FR becomes obsolete. The FR breaks the U...

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E-Gold charged with money laundering 2008-02-25
Anonymous

Could someone look at the job discription below that i was offered as home based work. Does this sound ligit? Its Brillant Solotions. Please e-mail me at jsetterlund (at) worcester (dot) edu [email concealed] with any thoughts. Its so appreciatted.

We offer an exciting work environment that values employee feed...

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