Senior directors of online payment site E-Gold, who had pleaded guilty to charges of money laundering, received small fines and no prison sentences. A judge said it was due to a lack of criminal intent.
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www.dfi.wa.gov (look for the licenssee lookup area)
You can also look for their Federal MSB registration at www.msb.gov
I work for a certain States Departmet of Financial Institutions and I can verify that Paypal is registered as an Moeny Servie Business (MSB) and Money transmitter (MT)1 in all 50 states. You can go to any states Banking or Financial Institutions website and verify that, for any MSB or MT in your state or in the state in which you would like to verify licensing. The Washington State website is:
www.dfi.wa.gov (look for the licenssee lookup area)
You can also look for their Federal MSB registration at www.msb.gov
- by PECB November 26, 2008 10:20 AM PST
- This is a sad, libelous, and criminal state of affairs (on the part of the U.S. legal system) -- the sentencing nothing more than a smoke-and-mirrors scam by the state (and monied-interests) to try and preserve their power a little longer. I was a major exchanger in the early days of E-gold's operations (for E-gold, and other emerging metal-back e-currencies -- 1999 - 2001), and was raped (metaphorically) by the Feds, and shut down -- with a couple hundred grand "dissappeared" by the SS (Secret Service) and/or other players, and our house in ransacked ruins after the search and seizure of equipment & records (no crime was committed on my part or e-gold's and the Feds dropped the matter, but the damage was done with no recompence -- taking years of recovery). The whole thing was a political-intimidation move by the Federal Government and the Financial Industry. . . . can't have gold and silver being used as money in a convenient, inexpensive fashion, that might provide alternatives to faultering fiat currencies around the world (and e-gold was doing just that).
- Like this Reply to this comment
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(7 Comments)During the whole mess, I personally warned Mr. Jackson & Friends, on the phone, that they were next -- either in a few months or a few years and that they should either wind-down and close their business or restructure it & themselves out of reach (at least legally, and geographically, but those barriers have never stopped government thugs in the past and the don't now) of our corrupt and evolvingly unconstitutional government. Being a well-meaning idealist, he didn't take the warning seriously and is now paying the price for being an honest businessman, plying a legal trade that is a potential competitor to government force and fraud.
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Also, since PayPal is mentioned in the comments I will comment on them too. PayPal was started during the same time as e-gold and operated without banking or money transmitter licenses for several years (as did e-gold). At the time, during these early years, PayPal (unlike e-gold) had little to no account security and stole money from it's users left and right (they stole over 14K from me and my clients at the time -- note this is before PayPal was sold to Ebay). The Fed and various state responses to this was various fines , class-action lawsuit settlements, etc... and being told to go forth and do no more, and go get licensed appropriately.
Contrast this with e-gold, whom from the beginning operated their business responibly and ethically, took account security seriously, and did their best to work with regulators (from the start) as to whether or not they needed various permits, licenses etc... but were told they did not (as was I for my operations) and then are later persecuted for not haveing said pieces of paper, even though they had been previously told those papers were not needed.
Why this disparate treatment? One company deals in state fiat currencies and fictional credits; the other company deals in in gold and silver, things of real value -- a potentially direct competitor to fiat currencies. Never mind the fact that gold and silver is constitutional money, while fiat currencies are not.