E-Gold Cash-Worthiness and Sustainability Leads to Indictments

Information came yesterday that three executives at E-Gold have pleaded guilty to counts of money laundering and are due to serve prison terms. A fine of $1.7 million has already been paid.

According to ADA Matthew Friedrich, “"By failing to comply with money laundering laws and regulations, the E-Gold operation created an environment ripe for exploitation by criminals seeking anonymity in conducting online transactions….This case demonstrates that online payment systems must operate according to the applicable rules and regulations created to ensure lawful monetary transactions."

E-gold sells gold bar shares and operates by allowing its customers to use their virtual gold for online and international purchases. Anonymous accounts and funds that are not returnable have become a plaguing area for corporate defense. Those buying and selling e gold face the sustainability, but not the accountability during purchases. The company is now taking drastic measures to ensure that all accounts satisfy terms set forth by the Justice Department.

Dr. James has stated, "The resolution of the criminal case provides for a second chance, an opportunity to address the flaws embedded in the E-Gold system and to transform the operation into the institutions I, the other directors, and our long-suffering employees and contractors have always envisioned, one that serves to advance the material welfare of mankind."

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Gold as currency through time.

People have been buying and selling gold almost since the dawn of time. In Ancient Egypt Pharaos were buried with gold ornaments and gold jewelry because gold doesn’t rust or decay and would therefore be a source of currency when the deceased reached the next world. In the early days of the US the California Gold Rush was the primary reason for western migration. The gold standard is the basis for most of the world’s monetary systems. The use of gold as currency has faded over time but gold still remains a solid investment.

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