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James Fayed will soon stand trail for Pamela’s murder (e-bullion)

Mark — Thu, 28 Jan 2010 22:37:10 +0000

Husband of woman killed in Century City parking garage to stand trial in her slaying

January 27, 2010 | 7:29 am

From the LATimesBlogs

A gold trader has been ordered to stand trial in the slaying of his wife, who was fatally stabbed in the parking lot of a Century City office tower.

James Fayed and his former employee Jose Luis Moya are accused in the high-profile 2008 killing.

Pamela Fayed was stabbed in the neck and face by someone who was described as a slender man in his 20s wearing a black, hooded sweat shirt. A red sport utility vehicle was seen speeding away from the bloody scene. The stabbing took place in front of several witnesses.

James Fayed was arrested shortly after his wife’s death on fraud charges stemming from the couple’s international gold trading business. He was later charged in the slaying.

A month before she was killed, Pamela Fayed had offered to help federal prosecutors in the criminal probe into the business she owned with her husband, court documents later revealed. James Fayed’s attorney said his client was unaware of her offer.

Family and friends of Pamela Fayed told The Times that for months before her death, Pamela believed her life might be in danger.

The couple were engaged in bitter divorce proceedings at the time of her death, and prosecutors noted in court documents that James Fayed was expected to be ordered to pay about $1 million in spousal support and attorney fees on July 29, the day after his wife was killed.

– Shelby Grad

Feds Say e-bullion Funds Still Frozen, No Word on Release or Audits

Mark — Tue, 22 Dec 2009 08:03:00 +0000

Pretty Patrick has a story on a ponzi now under receivership, Quest International (GQI), with Larry Cook as the investigator/receiver. Cook said that some GQI funds were with e-bullion when it was closed and inquired with the U.S. Attorney’s office on how or when those funds might be available.

Cook said. “The Receiver and the Commission have made numerous inquiries regarding future access to the E-Bullion business records and funds, and we have been advised the U.S. Attorney’s office has not made a decision on when or how these records and funds will be administered.”

The pretty boy always has the best info. If you are not following him, here is the feed. http://feeds.feedburner.com/PatrickPrettyBlog

How Does The FBI View E-bullion’s Business Model….a DGC, a Ponzi? Take a look.

Mark — Thu, 26 Feb 2009 20:54:49 +0000

In an LA Times article dating back to August 2008 when the case first started Mark Aveis, an assistant U.S. attorney on this case “characterized Fayed’s business operations during 2005 and 2006 as ponzi schemes in which individuals invested up to $20 million.” http://articles.latimes.com/2008/aug/05/local/me-centurycity5

From my point of view, it is interesting to see that the government’s prosecution is based on the determination that are several independent transactions in both national currency and digital currency count as one continuous money transmitting transaction. I assume that the basis for this legal sandwich comes from the fact that e-bullion funds were collected in Goldfinger bank accounts. In other words you sent in a wire of 10k USD to Goldfinger for the purchase of e-bullion gold. Two days later that gold balance now appeared in your e-bullion account. On the third day, you separately log into your digital currency account and sent some gold to your favorite HYIP, perhaps all 10K perhaps less. The government is saying the receipt of the wires and movement of gold from one e-bullion account to the other[the hyip] is ‘money transmitting’ and not e-bullion gold account funding, it seems they have sandwiched all the activity as one transaction. On the other hand with my rose colored shades might have looked at it like this “I funded my e-bullion online digital currency account, then I decided to send some gold here. Then a few days or weeks later decide to spend some here. Multiple unrelated transactions in digital gold.” I would have been wrong in my assumption. Comments welcome.

From court documents posted by Ian Lamont of TheStandard, we now see just how the FBI viewed the e-bullion operation. Here is the sworn declaration of a special agent on the case.

DECLARATION OF MAURA KELLEY (FBI AGENT)
I am a Special Agent (“SA”) with the Federal Bureau of Investigation (“FBI”), assigned to the Los Angeles FBI Field Division, Ventura Resident Agency, and have been so employed since 1984. During the course of my employment as an FBI SA, I have been involved in dozens of investigations of violations of federal law including bank fraud, wire fraud and money laundering based on evidence of a variety of fraudulent schemes including “Ponzi” schemes, where earlier victims are paid off with newer victims’ contributions, and various so-called “prime bank” or “high yield” investment scams where unrealistically high rates of returns are promised but not provided. I make this declaration in support of the government’s response to the Goldfinger Coin & Bullion (“GCB”) renewed motion for return of property.

For several year prior to the indictment in this case, I was involved in an FBI investigation into several “Ponzi” schemes. The investigation revealed that scheme operators directed their victims to open online “e-Bullion” accounts in order to transfer victims’ “investment” funds to the scheme. In order to effect the transfers, numerous victims opened online e-Bullion accounts. I reviewed e-Bullion’s online agreement which I saw both online and in the form of documents provided by victims, which provided, among other things, that account holders could wire their funds to e-Bullion and direct that the funds be used to either buy precious metals or “e-currency.” True and correct copies excerpts of e-Bullion wiring instructions are attached hereto as part of Exhibits 1-3.

Based upon victim’s statements, documents provided by victims, and an analysis of GCB bank account records, I determined that GCB would hold an account holder’s transfer in either precious metals or cash (in a GCB bank account or vault) until such time as the account holder directed that the asset be transmitted or withdrawn. E-bullion customers could also deposit their cash at the bank utilized by GCB or mail their funds in the form of money orders or other cash equivalents to GCB in Camarillo. For its money transmitting service, e-Bullion received a fee based on a percentage of the funds transmitted to the Ponzi scheme operators.

As to the two primary Ponzi schemes that were investigated (“Kum Ventures” and “Solid Investments”), I determined that the Ponzi victims purchased “e-currency” through the e-Bullion website with the intent that their funds be transmitted immediately to the Ponzi scheme operators. I and other investigators traced Ponzi scheme victims’ funds from their point of origin, namely, the victims’ bank accounts, to GCB, and then to Ponzi operators. The tracing began with the wire transfers from the victims’ bank accounts. Victims’ funds did not go anywhere online or to a bank account in the name of e-Bullion. Rather, the bulk of the funds went to the bank account in the name of CGB at a Bank of America branch in Camarillo, California where the incoming funds from all e-Bullion account holder were commingled. From this Bank of America account, funds were transferred into other GCB accounts. From there victims’ funds, less a percentage fee taken by GCB, were transmitted to the Ponzi scheme operators who themselves were e-Bullion account holders.

If you would like to read the full document, it’s available on Scribd, thanks Ian.

http://www.scribd.com/doc/12338986/FBI-declaration-in-eBullion-court-case-filed-February-2009

More On Pamela Fayed’s Death

Mark — Wed, 03 Dec 2008 17:45:09 +0000

No Bail For Fayed, Judge Refuses To Consider Any Release

Mark — Fri, 05 Sep 2008 23:50:16 +0000

LA federal judge won’t consider bail for Fayed

The Associated Press

Article Launched: 09/05/2008 12:28:55 PM PDT

LOS ANGELES—A federal judge has refused to consider bail for the estranged husband of a woman who was stabbed to death in a parking garage in upscale Century City.James Fayed of Moorpark is charged with operating an unlicensed money-transmitting business. But a Los Angeles federal judge on Friday refused to review his no-bail status in the case, saying he was concerned that Fayed eventually might be charged with his wife’s murder.

Prosecutors say Fayed’s credit card was used to rent an apparent getaway a car seen after the slaying of his wife, Pamela, in July. They call Fayed the “primary suspect.”

Fayed’s attorney, Mark Werksman, says the card belonged to Fayed’s business and others had access to it. Werksman also says it’s unfair to keep Fayed locked up on the chance of a murder charge.

Source: http://www.mercurynews.com/…

James Fayed, e-bullion Bail Hearing Next Week

Mark — Fri, 05 Sep 2008 17:02:55 +0000

Los Angeles, CA—James Michael Fayed, 45 is still in the Metropolitan Detention Center being held on a single low grade felony charge for operating his gold trading company without a license…….

Paul H. over at CrimeFileNews is now telling us that next week is a new bail hearing for the owner of e-bullion.

Since there are no charges yet against Mr. Fayed in the murder case, the judge could now set a new bail. Paul says,

Statistically this murder investigation is unlikely to result in and Indictment with each passing day. However as long as Fayed is behind bars there is no rush to seek an Indictment for murder charges. Without murder charges somewhere on the horizon Fayed must be allowed to obtain release on bail. This wrangling over the pre-trial release will certainly end over the next 45 or 60 days. Right now it’s anyone’s guess just how this will play out.

For more info on this and other interesting cases, drop by CrimeFileNews.

James Fayed New Court Docs, $24 Mil. Seized

Mark — Wed, 20 Aug 2008 15:40:33 +0000

The bank accounts have been seized along with everything else they could get their hands on… $24 million in total.

Special thanks to Paul Huebl at CrimeFileNews for posting this document for all to view.

Mayed money motion – Upload a Document to Scribd

Dark Clouds Gathering On The E-bullion Horizon (5/27/07)

Mark — Wed, 13 Aug 2008 13:34:44 +0000

When I blogged for DigitalMoneyWorld, I had posted this item ‘by Mark on May 27th, 2007′

There is no better indicator of which digital gold currency is gaining in popularity than the new requested project listings on Scriptlance.

I watch the RSS feed with DGC keywords so each day I am now seeing more and more projects being requested for e-bullion. These are not retail shops or legit online businesses, these are ‘investment’ type set ups.

Project: HYIP script e-gold e-bullion
Project: e-gold / e-bullion clone
Project: E-bullion Masspayment Script
Project: daily interest HYIP script
Project: e\-gold type clone

A word of warning to e-Bullion – which is a fine digital gold operation, Pecunix discourages ‘investments’, Webmoney prosecutes them….if you become the darling new currency for ponzis you will end up allowing scammers to profit and your business will acquire thousands of new user complaints. Not to mention whatever Law Enforcement’s new twist is on these schemes.