"The three owners of Internet currency service e-gold have
pled guilty to money laundering in the U.S. District Court for D.C.. The service is based in the West Indies, but the directors apparently live in Florida. They haven't been sentenced yet, but potentially face decades in prison and millions in fines. In addition, the principal director posted a blog entry yesterday saying that
'criminal activity will not be tolerated,' and pledging to eliminate the loopholes that allowed money laundering to thrive on the service. He also claims that e-gold has more transaction volume in a single quarter than all of the first-generation Web currency services like Cybercash, Beenz, and Flooz completed over their lifetimes. Ironically, one of the reasons that contributed to Flooz's demise in 2001
was rampant money laundering."
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"Never try and be like anyone else" - Hunter S. Thompson
"The truth is the truth no matter how you try and package a lie" - Shellee Hale
07-22-2008
E-gold Owners Plead Guilty To Money Laundering
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