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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."

3 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.

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

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

  3. 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?"