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E-gold Owners Plead Guilty To Money Laundering

Posted by timothy on from the laundering-is-just-a-bad-word-for-privacy dept.

Ian Lamont writes "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."

8 of 469 comments (clear)

  1. E-Gold... Why didn't I think of that? by RandoX · · Score: 5, Funny

    Here I am, looking up "Money Laundering" in the dictionary trying to figure it out.

    1. Re:E-Gold... Why didn't I think of that? by Anonymous Coward · · Score: 1, Funny

      Times have changed. You should look up "Money Laundering" on Wikipedia instead.

  2. It must be said by xpuppykickerx · · Score: 3, Funny

    We get caught laundering money, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison.

  3. Hit the limit by Jadware · · Score: 5, Funny

    The police found out when their gold maxed to 2147483647. Everyone knows glitchers get caught.

  4. uh-oh by jollyreaper · · Score: 2, Funny

    I heard a rattling in my dryer, opened it up and a quarter fell out. Does this mean I'll be doing a nickel upstate? I knew a guy doing a Susan B. Anthony for movie piracy.

    --
    Kwisatz Haderach
    Sell the spice to CHOAM
    This Mahdi took Shaddam's Throne
    1. Re:uh-oh by Scutter · · Score: 4, Funny

      I knew a guy doing a Susan B. Anthony for movie piracy.

      What, he was supposed to do 100 years, but only did 25 because the warden didn't look close enough?

      --

      "Tell me doctor, with all of your defenses, are there any provisions for an attack by killer bees?"
  5. Re:but... by xpuppykickerx · · Score: 3, Funny

    Conjugal visits? Mmmm. Not that I know of. Y'know, minimum-security prison is no picnic. I have a client in there right now. He says the trick is: kick someone's ass the first day, or become someone's bitch. Then everything will be all right.

  6. Re:Damn, was an easy way to buy gold... by Hognoxious · · Score: 2, Funny

    The right question is, "Where in the Constitution is Congress given the power to pass such laws?"

    Right next to where it mentions interstate highways and aviation.

    --
    Confucius say, "Find worm in apple - bad. Find half a worm - worse."