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E-Gold : Will the Feds stop it with a legal case

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Jim Rogers warned about this.

The Feds like their monopoly on money too much.

 

= = =

 

Feds accuse E-Gold of money laundering, unlicensed banking

 

Submitted by cpowell on 10:49PM ET Saturday, April 28, 2007. Section: Daily Dispatches

1:45a ET Sunday, April 29, 2007

 

Dear Friend of GATA and Gold:

 

The U.S. Justice Department has indicted the E-Gold Internet gold exchange service on charges of money laundering and operating an unlicensed money transfer business.

 

The essence of the indictment seems to be a claim that E-Gold's principals knew that their service was being used for investment scams, credit card fraud, identity theft, and purchase and sale of child pornography. An official of the Federal Bureau of Investigation is quoted as speculating darkly that terrorists also might start using digital gold transfers.

 

The Justice Department has to be left to prove its case, since without a detailed examination of the evidence, which is not yet fully public, no one outside E-Gold itself is in a position to disprove it.

 

Still, gold's partisans may take satisfaction in what seems to be the indictment's presumption that, as a legal matter as well as a practical matter, gold is money just as much as Federal Reserve Notes are, even though the government long has been telling us to the contrary.

 

The indictment of E-Gold coincides with the U.S. Mint's campaign to discourage use of the privately minted and circulated Liberty Dollar currency. The Mint has claimed to have a declaration from the Justice Department that Liberty Dollar currency is illegal, but apparently the government has not brought any lawsuit or criminal charges against Liberty Dollar, and Liberty Dollar has sued the government for a declaratory judgment that it is operating within the law:

 

http://www.libertydollar.org/ld/legal/legalissues.htm

 

The Mint's warning against use of the Liberty Dollar can be found here:

 

http://www.usmint.gov/consumer/index.cfm?f...action=HotItems

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What account were frozen?

 

The accounts that were targeted by the investigation and alleged to have been involved with the illegal activity were frozen and that appears to have been only accounts owned by some larger exchange agents and the 1MDC account(s)

 

“Subsequent to the indictment, the Department of Justice also obtained a restraining order on the defendants to prevent the dissipation of assets by the defendants, and 24 seizure warrants on over 58 accounts believed to be property involved in money laundering and operation of an unlicensed money transmitting business.” * prnewswire.com

 

Is e-gold still in business?

 

There was no official information release from e-gold, Gold & Silver Reserve or OmniPay yet. Their web site is still up! No one knows yet.

 

Can I get the funds out of my e-gold?

 

It would appear YES, but no one is sure if you can liquidate immediately. I would think if you can transfer the digital money to an exchange agent and they are willing to pay you, do it.

 

= =

 

MORE: http://digitalmoneyworld.com/e-gold-and-op...wall-part-deux/

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