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E-Bullion and Mr. James Fayed

In: A History of Digital Currency in the United States

Author

Listed:
  • P. Carl Mullan

    (Digital Currency Intelligence Authority Ltd.)

Abstract

James and Pamela Fayed expanded a successful precious metals business by creating e-bullion digital currency. The online gold currency platform included a prepaid debit card that provided users with direct access to ATM withdrawals. An e-bullion account also offered advanced two-party authentication through a Crypto Card device. The business grew rapidly; however, without identification or verification of customers, criminals were able to exploit the unregulated digital currency. Fraudsters used Goldfinger Coin and Bullion, Inc. bank accounts as a method of deposit for hundreds of fraudulent Ponzi schemes. The federal government closed the business and seized the assets for failure to obtain the proper money transmitter licenses or register with FinCEN.

Suggested Citation

  • P. Carl Mullan, 2016. "E-Bullion and Mr. James Fayed," Palgrave Advances in Economics of Innovation and Technology, in: A History of Digital Currency in the United States, chapter 0, pages 111-152, Palgrave Macmillan.
    • Handle: RePEc:pal:paiecp:978-1-137-56870-0_4
    DOI: 10.1057/978-1-137-56870-0_4
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