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Crowne Gold

In: A History of Digital Currency in the United States

Author

Listed:
  • P. Carl Mullan

    (Digital Currency Intelligence Authority Ltd.)

Abstract

Crowne Gold grew from a small offshore services provider, named 3PGold, into a US payment processor of fraudulent investment monies for a $300 million HYIP Ponzi scheme known as Evolution Marketing Group (EMG). Throughout Crowne’s existence, the online business offered unregulated digital currency products and unlicensed financial services. Executives at the company continually defended themselves against legal charges, asset seizures, and government accusations that Crowe Gold was a money transmitter. Crowne Gold closed a week after the principals of e-gold pleaded guilty to money laundering charges. During the company’s final days, the executives of Crowne Gold experienced substantial government asset seizures based on its operation as an unlicensed money transmitter.

Suggested Citation

  • P. Carl Mullan, 2016. "Crowne Gold," Palgrave Advances in Economics of Innovation and Technology, in: A History of Digital Currency in the United States, chapter 0, pages 153-170, Palgrave Macmillan.
    • Handle: RePEc:pal:paiecp:978-1-137-56870-0_5
    DOI: 10.1057/978-1-137-56870-0_5
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