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E-gold Owners Plead Guilty To Money Laundering

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E-gold Owners Plead Guilty To Money Laundering

Posted by timothy on Tuesday July 22, @02:48PM

from the laundering-is-just-a-bad-word-for-privacy dept.

Ian Lamont writes

"The three owners of Internet currency service e-gold have pled guilty to money laundering in the U.S. District Court for D.C.. The service is based in the West Indies, but the directors apparently live in Florida. They haven't been sentenced yet, but potentially face decades in prison and millions in fines. In addition, the principal director posted a blog entry yesterday saying that 'criminal activity will not be tolerated,' and pledging to eliminate the loopholes that allowed money laundering to thrive on the service. He also claims that e-gold has more transaction volume in a single quarter than all of the first-generation Web currency services like Cybercash, Beenz, and Flooz completed over their lifetimes. Ironically, one of the reasons that contributed to Flooz's demise in 2001 was rampant money laundering."

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E-gold Owners Plead Guilty To Money Laundering

Posted by timothy on Tuesday July 22, @02:48PM

from the laundering-is-just-a-bad-word-for-privacy dept.

Ian Lamont writes

"The three owners of Internet currency service e-gold have pled guilty to money laundering in the U.S. District Court for D.C.. The service is based in the West Indies, but the directors apparently live in Florida. They haven't been sentenced yet, but potentially face decades in prison and millions in fines. In addition, the principal director posted a blog entry yesterday saying that 'criminal activity will not be tolerated,' and pledging to eliminate the loopholes that allowed money laundering to thrive on the service. He also claims that e-gold has more transaction volume in a single quarter than all of the first-generation Web currency services like Cybercash, Beenz, and Flooz completed over their lifetimes. Ironically, one of the reasons that contributed to Flooz's demise in 2001 was rampant money laundering."

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I am shocked.

The banksters going after an alternative currency system?

Whatever next!

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I am shocked.

The banksters going after an alternative currency system?

Whatever next!

Yes its a little bit rich, as nearly every single multinational bank has a branch in a tax (money laundering) haven.

Edited by bobby9983

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The three owners of Internet currency service e-gold have plead guilty to money laundering in the U.S. District Court

I asked them to do my smalls in with a bit of dodgy cash but they never got back to me. What kind of service is that?

I'm thinking of setting up a Yorkshire rival service, Eeeeee-gold. Easy to put money in, fiendishly difficult to get it out again, just right for the tightwads amongst us.

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I asked them to do my smalls in with a bit of dodgy cash but they never got back to me. What kind of service is that?

I'm thinking of setting up a Yorkshire rival service, Eeeeee-gold. Easy to put money in, fiendishly difficult to get it out again, just right for the tightwads amongst us.

:lol:

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I am shocked.

The banksters going after an alternative currency system?

Whatever next!

Agreed. These guys were sensible enough to admit to facilitating money laundering as the only other option was for them to be found guilty (whether they had done anything or not) and sent down for even longer. The US legal system can be particularly nasty...sort of like the Inquisition...admit to heresy and be burnt at the stake, or don't admit to heresy, have all your fingers broken, then be burnt at the stake. They have this nice habit of choosing jurisdictions where they know you will hang.

Did anyone else note that one of the Swiss banks had pulled out all their personal financial advisers from the US? I currently work for a company associated with the gambling industry and we do our very best to ensure that no US citizens use our service...as none of us want to get arrested in the transit lounge of JFK.

(Edited for spelinng :-))

Edited by D'oh

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Agreed. These guys were sensible enough to admit to facilitating money laundering as the only other option was for them to be found guilty (whether they had done anything or not) and sent down for even longer. The US legal system can be particularly nasty...sort of like the Inquisition...admit to heresy and be burnt at the stake, or don't admit to heresy, have all your fingers broken, then be burnt at the stake. They have this nice habit of choosing jurisdictions where they know you will hang.

Did anyone else note that one of the Swiss banks had pulled out all their personal financial advisers from the US? I currently work for a company associated with the gambling industry and we do our very best to ensure that no US citizens use our service...as none of us want to get arrested in the transit lounge of JFK.

(Edited for spelinng :-))

That is really scary actually.

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Agreed. These guys were sensible enough to admit to facilitating money laundering as the only other option was for them to be found guilty (whether they had done anything or not) and sent down for even longer. The US legal system can be particularly nasty...sort of like the Inquisition...admit to heresy and be burnt at the stake, or don't admit to heresy, have all your fingers broken, then be burnt at the stake. They have this nice habit of choosing jurisdictions where they know you will hang.

Did anyone else note that one of the Swiss banks had pulled out all their personal financial advisers from the US? I currently work for a company associated with the gambling industry and we do our very best to ensure that no US citizens use our service...as none of us want to get arrested in the transit lounge of JFK.

(Edited for spelinng :-))

Yes, UBS has pulled out. It also agreed to shut down all secret accounts held by US citizens. Clearly this is the US government leaning on a private company.

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Yes, UBS has pulled out. It also agreed to shut down all secret accounts held by US citizens. Clearly this is the US government leaning on a private company.

The US govt needs the tax. However it would be amusing if some ex presidents had stuffed their money in Swiss bank accounts I wonder if that information would get suppressed!!!

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That is really scary actually.

Don't visit the US. Period (as they like to say) As for the E-gold guys well they must be jerks running that from within the US! They should have moved to the WI or Dubai and ran it from there. Still knowing the US they probably pursue their cistizens tax even if they are non resident...

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This is kind of like someone bringing a case against the US government because people were receiving and holding dollars from criminal activity.

Next they'll be a total crackdown on ISP's because they are allowing their customers to use their service for questionable activities.

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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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      • Even
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      • up 5%



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