Talk:E-Bullion

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Bullion stored

I have added a citation request for the bullion stored. I cannot find it on their website. nirvana2013 17:41, 19 October 2006 (UTC)[reply]

I believe e-Bullion stopped disclosing their figures in May 2005 or so. I have deleted the text. nirvana2013 17:56, 10 January 2007 (UTC)[reply]

i will be bankrupt

plaese american government should do all their best to re open ebullion bcos i am having 4,400 dollars in my account and that is my life savings for the sake of yahoo not to re happen again bco this time would be worst than ever plaese u poeple should resolve your issue and let me have my hard earned money please i say agin —Preceding unsigned comment added by 195.166.237.254 (talk) 18:11, 8 August 2008 (UTC)[reply]

outdated

Is there any more recent info on the court cases? —Preceding unsigned comment added by 68.95.70.128 (talk) 19:36, 25 February 2010 (UTC)[reply]

He was found guilty and sentenced to death. http://www.dailymail.co.uk/news/article-1392963/Gold-trader-James-Fayed-executed-killing-wife.html — Preceding unsigned comment added by 74.60.76.0 (talk) 19:19, 1 June 2011 (UTC)[reply]

External links modified

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Patriot Act Charge Dropped

In Carl Mullan's book, "e-gold Better Money" he reported having interviewed James Fayed in prison. https://www.amazon.com/Better-Money-Inside-Story-gold/dp/1735356913/ One of the claims Mullan reported in the book is that Goldfinger/e-bullion had applied to the State of California for a money transmitter license in 2001, but was told by the state that e-bullion did not meet the state's definition of a money transmitter, and did not require that license. At the time Paypal, also operating from California, did not have a money transmitter license either, and for the same reason. California only considered a money transmitter to be a company that accepted cash from person A and handed cash to the recipient. Transfers of digital credits did not fit the definition.

The 2008 federal indictment of E-bullion was under the US Patriot Act which only criminalizes not having a money transmitter license in states that require such a license. Therefore, e-bullion was not in violation of the US Patriot Act. This is the reason that the US Attorney dropped the charge, and instead used the murder as the excuse to confiscate the corporations and the assets held for their account holders.

In the 2005 e-gold case, and the 2008 e-bullion case, the US government expanded the definition of money transmitter to mean any company that allowed peer-to-peer transfers of digital value between account holders. Under their expanded definition Paypal and AirBnb were considered money transmitters. However, the expanded definition of money transmitter was never enacted by congressional statute. It was merely the US Justice Department's interpretation of the USA Patriot Act.

California later amended their statute to use the broader definition of a money transmitter, thus requiring PayPal and AirBnB to obtain money transmitter licenses. e-bullion was an unfortunate casualty of bureaucratic overreach.

Another factor not discussed in this article is that Pamela Fayed was already aware of the sealed indictment of E-bullion under the USA Patriot Act for not having a money transmitter license, and had agreed to testify. This appears to have been part of James Fayed's motive for murder. Cadwallader (talk) 16:58, 18 September 2024 (UTC)[reply]