Jim Fayed: The Government’s Case (documents)
As you can see from the document below, James was charged with a violation of 18 U.S.C. § 1960, operating an unlicensed money transmitting business. This is the exact same charge that Dr. Jackson of e-gold just plead guilty to–
“…during a roughly eight-month period in 2005 and 2006, bank accounts in the name of GCB, over which defendant was a signatory (along with his deceased, estranged wife), received and transferred out over $20,000,000 in proceeds from Ponzi scheme victims. The victims did not intend to use defendant’s business to purchase gold or precious metals, as defendant’s website represents as the service offered by defendant’s company. Neither defendant nor the entities he admittedly controls were licensed to transfer such funds. Accordingly, defendant was charged with operating an unlicensed money transmitting business. The indictment was returned on February 26, 2008, under seal, to permit the government to continue its investigation.”
Documents and details came from CrimeFileNews
Comment by Bryan Nevins on 9 August 2008:
What about e-bullion account holders?
It seems that the gold & silver might really be in
the vaults, and that people would get thier bullion or
money back.
Has anyone investigated e-bullions holdings in the vaults?
Comment by G-money on 11 August 2008:
Well hopefully if it exists, it can be seized because since EB didn’t audit for a long time, I’m not sure there’s evidence supporting the existance of any holdings. It sounds like this family is really deep into some bad things
Comment by James W. Fenton on 10 January 2009:
Just let you know my money of $1,150.00 still in e-bullion during in aug, 2008 while mess up.
I am waiting to find out whatever I will send my evidence of bank wire transfer with number and Bank American did wire transfer to e-bullion then happened!
Thank You-James Fenton—E-mail to J123Fenton@comcast.net
Comment by Mark on 10 January 2009:
Thank you for the comment. However, I’m not sure anyone will ever see any refunds, the government seems pretty content to keep it all so it could be about a million to one shot getting it back. Stay tuned here and we’ll certainly let you know anything new.
Mark