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 non-public digital gold currency, illegally. They operated in Melbourne having been indicted by a federal grand jury in Washington, D.C. They are accused of running an unregulated fiscal community which catered to criminals laundering unlawful revenue.
Jeffrey Taylor, the U.S. Legal professional for the District of Columbia, and other Justice Section. Officers reported they be expecting the a few will surrender in Washington DC at a afterwards date.
A four-rely indictment was handed down charging E-Gold Ltd., Gold & Silver Reserve Inc. and owners Dr. Douglas L. Jackson, of Satellite Seaside Reid A. Jackson, of Melbourne and Barry K. Downey, of Woodbine, Maryland. Just about every was charged with conspiring to lauder monetary instruments conspiracy to function an unlicensed dollars transmitting business working an unlicensed revenue transmitting small business and transmitting funds without a license in Washington, D.C.
The federal, State and nearby job force operated for 2 1/2-yrs spearheaded by the U.S. Top secret Company in Orlando, along with IRS, FBI and other condition and neighborhood law enforcement companies. Federal prosecutors received a court docket requested lookup warrant and allegedly seized millions of dollars. That resulted in at the very least 58 account holders getting uncovered and numerous imagined to be criminals laundering illegal money though E-Gold operations and transactions.
“Douglas Jackson and his associates operated a refined and popular worldwide income remitting business, unsupervised and unregulated by any entity in the planet, which allowed for nameless transfers of value at a simply click of a mouse,” Taylor stated. “Not shockingly, criminals of each individual stripe gravitated to E-Gold as a area to transfer their cash with impunity. As alleged in the indictment, the defendants in this scenario knowingly permitted them to do so and profited from their crimes.”
The indictment charged that “EGold” electronic forex functioned as an choice payment program and was purportedly backed by stored physical gold. It charged that customers necessary only to deliver an e-mail address to open up an account and that no other buyer info was confirmed. The indictment accused some consumers of using fictitious names these types of as “Mickey Mouse,” “Donald Duck” and “No Identify” and could perform international transactions with out any federal government regulation.
For the reason that of that, it became a “really favored approach of payment” by financial commitment scammers, credit rating card and identity fraud burglars, and sellers of Web youngster pornography, authorities explained.
A call to E-Gold and Gold & Silver Reserve workplaces the founder denies rates. Dr. Douglas Jackson, Chairman and Founder of E-Gold, speaking on behalf of his fellow Administrators and both of those corporations vigorously denies the costs, using particular exception to the allegations that either business at any time turned a blind eye to payments for baby pornography or for the sale of stolen identification and credit rating card information.
Dr. Jackson stated, “With regard to boy or girl pornography, the governing administration is aware whole properly that their allegations are bogus, however they emphasize these irresponsible and purposely harmful statements in get to demonize E-Gold in the eyes of the general public. For the duration of the Inquisition, accusations of witchcraft and heresy ended up utilised to sanctify torture and seizures of home. In submit 9-11 The us, baby porn and terrorism serve as the denunciations of alternative. E-Gold, even so, as a issue of incontrovertible point, is the most successful of all on the net payment techniques in detecting and interdicting abuse of its process for child pornography linked payments. E-Gold Ltd. is a founding member of the National Heart for Missing and Exploited Kid’s (NCMEC) Economical Coalition to Get rid of Boy or girl Pornography.
E-Gold is the only member establishment to show with difficult, auditable information a dramatic reduction of these payments to practically zero, even though billions of kid porn bucks continue on to movement by other (intensely regulated) payment programs. [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, until finally August 2005 when NCMEC courageously broke ranks with US legislation enforcement agencies and commenced right notifying E-Gold of prison web-sites by way of the CyberTipline, ingredient businesses of the US Division of Justice purposely hid their information of baby pornography abuses from E-Gold’s investigators, subordinating genuine crime battling to a plan agenda intended to dirty up E-Gold.”
Click Below to browse Dr. Jackson’s entire statement of denial.
