• E-Gold Indicted For Cash Laundering

    E-Gold Indicted For Cash Laundering


    Doug Jackson, Reid A. Jackson and Barry Okay. Downey have been indicted by the US Authorities for working e-gold, http://www.e-gold.com non-public digital gold foreign money, illegally. They operated in Melbourne having been indicted by a federal grand jury in Washington, D.C. They’re accused of working an unregulated monetary community which catered to criminals laundering unlawful cash.

    Jeffrey Taylor, the U.S. Legal professional for the District of Columbia, and different Justice Division. Officers stated they anticipate the three will give up in Washington DC at a later date.

    A four-count indictment was handed down charging E-Gold Ltd., Gold & Silver Reserve Inc. and house owners Dr. Douglas L. Jackson, of Satellite tv for pc Seashore; Reid A. Jackson, of Melbourne; and Barry Okay. Downey, of Woodbine, Maryland. Every was charged with conspiring to lauder financial devices; conspiracy to function an unlicensed cash transmitting enterprise; working an unlicensed cash transmitting enterprise; and transmitting cash and not using a license in Washington, D.C.

    The federal, State and native process power operated for two 1/2-years spearheaded by the U.S. Secret Service in Orlando, together with IRS, FBI and different state and native police businesses. Federal prosecutors obtained a court docket ordered search warrant and allegedly seized hundreds of thousands of {dollars}. That resulted in not less than 58 account holders being uncovered and lots of regarded as criminals laundering unlawful cash although E-Gold operations and transactions.

    “Douglas Jackson and his associates operated a classy and widespread worldwide cash remitting enterprise, unsupervised and unregulated by any entity on the earth, which allowed for nameless transfers of worth at a click on of a mouse,” Taylor stated. “Not surprisingly, criminals of each stripe gravitated to E-Gold as a spot to maneuver their cash with impunity. As alleged within the indictment, the defendants on this case knowingly allowed them to take action and profited from their crimes.”

    The indictment charged that “EGold” digital foreign money functioned as a substitute cost system and was purportedly backed by saved bodily gold. It charged that clients wanted solely to offer an e-mail deal with to open an account and that no different buyer data was verified. The indictment accused some clients of utilizing fictitious names similar to “Mickey Mouse,” “Donald Duck” and “No Title” and will conduct worldwide transactions with none authorities regulation.

    Due to that, it grew to become a “extremely favored methodology of cost” by funding scammers, bank card and identification fraud thieves, and sellers of Web youngster pornography, authorities stated.

    A name to E-Gold and Gold & Silver Reserve places of work the founder denies costs. Dr. Douglas Jackson, Chairman and Founding father of E-Gold, talking on behalf of his fellow Administrators and each firms vigorously denies the fees, taking specific exception to the allegations that both firm ever turned a blind eye to funds for youngster pornography or for the sale of stolen identification and bank card data.

    Dr. Jackson said, “With regard to youngster pornography, the federal government is aware of full nicely that their allegations are false, but they spotlight these irresponsible and purposely damaging statements to be able to demonize E-Gold within the eyes of the general public. In the course of the Inquisition, accusations of witchcraft and heresy had been used to sanctify torture and seizures of property. In submit Sept. 11 America, youngster porn and terrorism function the denunciations of selection. E-Gold, nonetheless, as a matter of undeniable fact, is the best of all on-line cost techniques in detecting and interdicting abuse of its system for youngster pornography associated funds. E-Gold Ltd. is a founding member of the Nationwide Heart for Lacking and Exploited Youngsters’s (NCMEC) Monetary Coalition to Get rid of Little one Pornography.

    E-Gold is the one member establishment to display with exhausting, auditable knowledge a dramatic discount of such funds to just about zero, whereas billions of kid porn {dollars} proceed to stream via different (closely regulated) cost techniques. [Most members, that is, all the banks and credit card associations are utterly unable to even provide an estimate of the volume of such payments processed by their systems. eBay’s PayPal subsidiary, who may have the ability to make such a determination, has refused to do so and has indicated they destroy payment records after two years.] What’s worse, till August 2005 when NCMEC courageously broke ranks with US regulation enforcement businesses and commenced straight notifying E-Gold of prison websites through the CyberTipline, part businesses of the US Division of Justice purposely hid their data of kid pornography abuses from E-Gold’s investigators, subordinating precise crime combating to a coverage agenda designed to soiled up E-Gold.”

    Click on HERE to learn Dr. Jackson’s full assertion of denial.


    #EGold #Indicted #Cash #Laundering

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