e-Bullion co-founder jailed on money transfer charge

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James Fayed, the co-founder of e-Bullion, has been jailed after being charged with conducting unlicensed money transactions that allegedly netted $20 million worth of individuals' investments, according to Mark Aveis, an assistant U.S. attorney quoted on SFGate.com. Another article on The Los Angeles Times website this morning says Aveis described Fayed's businesses as Ponzi schemes.

Fayed is currently a suspect in the murder of his wife, Pamela Fayed, who was also a co-founder of e-Bullion. She was killed in a Los Angeles parking garage late last month. No one has been arrested in the murder case yet, but Aveis says James Fayed had a motive: killing her would prevent her from testifying in the case of the alleged unlicensed money transfer operation.

In a search of Fayed's house after his arrest last week, authorities seized $60,000, $3 million in gold bullion, and 25 weapons including assault rifles, according to Aveis.

At a hearing this week, Aveis claimed that Fayed was a flight risk and a danger to the community, but the judge ordered him released on $500,000 bond. The Times says Fayed remains in federal custody.

e-Bullion is one of several well-known "digital gold currency" firms. Using Internet transactions, DGC companies take customer deposits and match them with the equivalent amount of gold that is supposedly stored in vaults. Many of the companies are unregulated and/or incorporated in other countries to avoid U.S. financial laws and shield the identities of their clients. However, another GDC company, e-gold, recently vowed to tighten up its policies and submit to U.S. regulatory oversight after its founders pled guilty in a money laundering trial.

A message on the e-Bullion website on Tuesday afternoon said the site would be unavailable for four hours while staff performed "routine maintenance."
(source : www.thestandard.com)

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e-Bullion

e-Bullion is a digital gold currency founded by Jim Fayed. The company was incorporated in December, 2000, and launched on July 4, 2001. Similar to competing systems such as e-gold, e-Bullion allows for the instant transfer of gold and silver between user accounts. e-Bullion is a registered legal corporate entity of Panama.

As with any digital gold currency, the main focus is keeping assets away from fiat currencies so as to avoid inflationary risks associated with such currencies.
It has also moved its primary servers to Switzerland. The redundant servers and equipment are also outside of United States jurisdiction.
Unlike e-gold, e-Bullion provides its own in-house currency exchange service. An e-Bullion account can be funded directly via wire transfer from a bank account.
It is also the only digital gold currency (DGC) that allows direct funding to and redemption from an account with precious metals.

e-Bullion was the first DGC to issue its own debit card linked to an account.
e-Bullion was the first to use CRYPTOCard technology to physically protect user accounts.
Goldfinger Bullion Reserve Corporation, a sister company of e-Bullion, hold the precious metals in bullion storage vaults located in either Los Angeles, Delaware, Zurich or Australia.
Users can hold and transfer value in gold, silver, or US dollars which they designate as e-Currency. The amount of bullion or US dollars held in the e-Bullion system is undisclosed.

Two of Goldfinger Bullion Reserve's vaults are located in the United States. One is in Los Angeles, and the other in Dover, Delaware. This is seen as a drawback by those who may be worried about possible asset seizure by U.S. authorities (see Executive Order 6102 and Gold Reserve Act).

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