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E-gold Doesn't Glitter With a U.S. Grand Jury

May 1, 2007
Computerworld'sGreg Keizer reports that a U.S.grand jury has indicted online payment provider E-gold Ltd. as well asthree men on charges of money laundering and conspiracy.

In the four-count indictment that was unsealed Friday, Dr. Douglas Jackson, of Satellite Beach, Fla.; Reid Jackson, of Melbourne, Fla.; and Barry Downey, of Woodbine, Md.; and their company, E-gold, were charged with transferring funds earned via proceeds from child pornography, bank fraud and credit card fraud as well. The indictment charges that these funds were transferred from 1999 to 2005.

E-gold carried out these transfers over a six-year period from 1999 to 2005, the grand jury claimed..

"Criminals of every stripe gravitated to E-gold as a place to move their money with impunity," Jeffrey Taylor, U.S. Attorney for the District of Columbia, said in a statement. "The defendants in this case knowingly allowed them to do so and profited from their crimes."

After the indictment was passed down, federal prosecutors seized funds in 58 E-gold accounts and froze the company's assets. Yet even after the crackdown, E-gold is not out of business. The enterprise can continue to operate under government supervision, and use existing funds to cash out unaffected accounts.

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