The E-bullion Saga

What is going on??? Probably today it is one of the most popular questions in the e-commerce society. Unfortunately the reporters of ECJ are not the wizards to enter the mind of the investigators who prefer to keep mum, the mind of the killer who dared to stab Pamela Fayed and the mastermind’s one. At the moment we cannot tell all the truth about murder. We can only state the facts… However we are more interested not in the murder itself but in the fate of e-bullion the fate of which is closely connected with this murder.

As we remember e-bullion website stopped operating on August 5th, almost a week after moment when J.Fayed was arrested and charged with illegal financial operations and money laundering. The last event was like a shock for the whole Internet community that just have just recovered from the shock they got with the news about the accusation of the father of DGC industry – e-gold payment system.

Day by day the situation becomes more intriguing as new and new facts become known. So, it was revealed that the couple of Fayeds were the only owners and shareholders of e-Bullion. Another piece of information found in the documents of the courts suits revealed that the family business wasn’t cloudless as in October would be a full year since the Fayeds have filed a divorce suit. Exactly due to this suit it was revealed that James Fayed didn’t let his wife to participate in company’s life. But now it is almost impossible to find the real reason as both parties had different points of views. So, Pamela Fayed was claiming that her husband her husband was blocking her access to their business records. According to her he did this to cancel his crimes. However, James had another point of view. He didn’t deny that he was restricting the access of his wife to business: "I personally maintain and control ALL access security codes and passwords. I have been and am the ONLY individual in the company who can physically access the building, its contents AND precious metal vaults simultaneously, twenty-four hours a day. All others have limited access that is monitored and/or time-controlled (clock-based) and recorded in security records. Alarm calls are sent directly to me at all hours. ...”

But according to him he had all the grounds, as in October 6, 2007 Pamela has allegedly embezzled $800,000 from a corporate account in one of their companies. He said that his wife put to use the absence of the account manager from Bank of America, who was on a scheduled vacation, and had transferred the funds from their corporate accounts to her personal one.

Now it is very hard to find out who has right, Pamela or Jim, or may be both of them… However, one thing is for sure: something happens in the company. Immediately after the arrest of James Fayed and the outage of the website people started conjecturing that ebullion was a scam and have recalled that the past of the system when in 2005 and 2006 the operation of E-bullion was characterized as Ponzi schemes.

“…during a roughly eight-month period in 2005 and 2006, bank accounts in the name of GCB, over which defendant was a signatory (along with his deceased, estranged wife), received and transferred out over $20,000,000 in proceeds from Ponzi scheme victims. The victims did not intend to use defendant’s business to purchase gold or precious metals, as defendant’s website represents as the service offered by defendant’s company. Neither defendant nor the entities he admittedly controls were licensed to transfer such funds. Accordingly, defendant was charged with operating an unlicensed money transmitting business. The indictment was returned on February 26, 2008, under seal, to permit the government to continue its investigation,” – is said in the indictment, based on 18 U.S.C. § 1960.

Basing on this information lots of people began connecting various facts that according to them were the evidences that eBullion had unclean hands… Shall we say that the name of e-Bullion was tied with lots of HYIP with a very rich scam history?
What next, we wonder? Let’s suppose that Jim Fayed will be discharged and all the charges of both murder and money laundering will be waived. Anyway, the investigation and the suit will last for some time. During this period the rates of the currency as well as its liquidity will drop for sure. The story about the bankruptcy of e-gold is an excellent example showing that the prices formed for years can drop within some hours. Though the whole story was a fake and lots of people didn’t believe in it the exchange market was shaken and the consequences appeared to be irreversible…

However, we should admit that a full discharge is something fantastic. The evidences are too weighty and solid and no chances left… Now everything is on the knees of the gods, or it’s better to say of the court… The next hearing of the case is coming… and may be it will clear the air. Unless…. Unless somebody will be proactive. So, according to the Los Angeles Times the daughter of the late Mrs. Fayed had submitted a request to the court and asked to be appointed special administrator over her mother's affairs, including e-Bullion.

“Goudie also asked the judge to give her control over her mother's interests in the gold trading business that the Fayeds operated during their eight-year marriage. A lawyer representing those companies -- Goldfinger Coin and Bullion, Goldfinger Bullion Reserve Corp., and e-Bullion -- objected, saying that the business had not been given enough time to respond to the emergency filings.

But [Ventura County Superior Court Judge Kent] Kelligrew said Goudie needed some control over the business to protect her mother's estate. The judge ruled that she would have control over documents and decisions that might help investigators in the murder case but not over those detailing business operations,” reports the source. If her request will be sustained and she will get the shares of her mother and her stepfather will plead the guilt she will be the only owner of the family business of the Fayeds.

Nevertheless, let’s stop catching the ball before the bound, and wait until the end of this story, a tragedy of one family that can become a tragedy of the whole world. Fortune is very picky and it doesn’t grant its smile to everyone. Let’s see what can Fortune and Themis do together and towards whom they will be favorably disposed …