E-Gold Indicted For Money Laundering

E-Gold Indicted For Money Laundering

Doug Jackson, Reid A. Jackson and Barry K. Downey have been indicted by the US Government for working e-gold, http://www.e-gold.com personal electronic gold currency, illegally. They operated in Melbourne possessing been indicted by a federal grand jury in Washington, D.C. They are accused of jogging an unregulated economic community which catered to criminals laundering illegal dollars.

Jeffrey Taylor, the U.S. Lawyer for the District of Columbia, and other Justice Department. Officers stated they be expecting the three will surrender in Washington DC at a later day.

A four-depend indictment was handed down charging E-Gold Ltd., Gold & Silver Reserve Inc. and homeowners Dr. Douglas L. Jackson, of Satellite Beach Reid A. Jackson, of Melbourne and Barry K. Downey, of Woodbine, Maryland. Each individual was billed with conspiring to lauder monetary devices conspiracy to operate an unlicensed dollars transmitting business functioning an unlicensed cash transmitting business enterprise and transmitting revenue with no a license in Washington, D.C.

The federal, Condition and community endeavor power operated for 2 1/2-a long time spearheaded by the U.S. Key Assistance in Orlando, alongside with IRS, FBI and other point out and regional law enforcement companies. Federal prosecutors obtained a court docket requested look for warrant and allegedly seized thousands and thousands of bucks. That resulted in at minimum 58 account holders being uncovered and many considered to be criminals laundering unlawful dollars however E-Gold operations and transactions.

“Douglas Jackson and his associates operated a complex and prevalent worldwide income remitting business, unsupervised and unregulated by any entity in the environment, which authorized for anonymous transfers of price at a simply click of a mouse,” Taylor stated. “Not amazingly, criminals of just about every stripe gravitated to E-Gold as a position to shift their revenue with impunity. As alleged in the indictment, the defendants in this case knowingly authorized them to do so and profited from their crimes.”

The indictment billed that “EGold” digital forex functioned as an option payment method and was purportedly backed by saved physical gold. It billed that consumers wanted only to supply an e-mail deal with to open up an account and that no other buyer details was verified. The indictment accused some customers of applying fictitious names this kind of as “Mickey Mouse,” “Donald Duck” and “No Title” and could carry out international transactions devoid of any governing administration regulation.

Because of that, it became a “highly favored process of payment” by investment scammers, credit score card and identification fraud robbers, and sellers of Net kid pornography, authorities mentioned.

A simply call to E-Gold and Gold & Silver Reserve workplaces the founder denies charges. Dr. Douglas Jackson, Chairman and Founder of E-Gold, speaking on behalf of his fellow Administrators and both equally corporations vigorously denies the expenses, having particular exception to the allegations that either firm ever turned a blind eye to payments for boy or girl pornography or for the sale of stolen id and credit card data.

Dr. Jackson said, “With regard to little one pornography, the authorities is aware of comprehensive properly that their allegations are wrong, nevertheless they emphasize these irresponsible and purposely damaging statements in purchase to demonize E-Gold in the eyes of the general public. In the course of the Inquisition, accusations of witchcraft and heresy were made use of to sanctify torture and seizures of home. In submit 9-11 The usa, child porn and terrorism provide as the denunciations of decision. E-Gold, having said that, as a subject of incontrovertible reality, is the most efficient of all online payment techniques in detecting and interdicting abuse of its program for kid pornography similar payments. E-Gold Ltd. is a founding member of the National Center for Lacking and Exploited Children’s (NCMEC) Fiscal Coalition to Reduce Child Pornography.

E-Gold is the only member institution to show with tough, auditable details a extraordinary reduction of this kind of payments to almost zero, when billions of boy or girl porn dollars keep on to stream as a result of other (closely controlled) payment devices. [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 is worse, right up until August 2005 when NCMEC courageously broke ranks with US regulation enforcement businesses and commenced directly notifying E-Gold of legal web sites through the CyberTipline, ingredient businesses of the US Department of Justice purposely hid their awareness of baby pornography abuses from E-Gold’s investigators, subordinating precise crime preventing to a plan agenda built to soiled up E-Gold.”

Click on In this article to examine Dr. Jackson’s total assertion of denial.