Accounts on e-Bullion.com were still inaccessible on Thursday afternoon, two days after a message appeared on the front page of the website saying services would be temporarily taken offline to perform "routine maintenance." While some e-Bullion customers have expressed concern, others have told The Industry Standard that they are not worried about the outage, which started earlier this week following the arrest of the site's owner, James Fayed.
Fayed is currently being held in a California jail on a charge that he performed unlicensed money transactions. Yesterday, a judge denied bail after prosecutors said he was a suspect in the murder of his wife and e-Bullion co-founder Pamela Fayed.
e-Bullion's "digital gold currency" and e-currency services have an unknown number of customers. Four who were contacted by The Industry Standard said they have been unable to access their accounts or contact anyone at the company since the site went down on Tuesday. These complaints were echoed by commenters on an Industry Standard article published Wednesday.
Other customers, however, did not seem very worried. Jay, who asked that his full name not be used, reported that he has $4,000 in an e-Bullion account. He explained that while the outage was inconvenient, he expected he would be able to access his funds within two days. Jay added that he wasn't bothered by unconfirmed rumors that federal authorities are accessing and monitoring e-Bullion's servers.
Mark Herpel, an e-Bullion customer who is also the editor of DGC Magazine, expressed confidence that he would be able to access his funds. Herpel reported that despite the website outage, account data relating to e-Bullion's debit card service can be accessed by phone. The Industry Standard was unable to confirm this.
When asked whether e-Bullion has an auditing mechanism to verify whether customer deposits are backed up by physical gold holdings, Herpel said e-Bullion has not released audit reports for several years. "You might think that because [e-Bullion] did not publish, it was some kind of red flag but no one thought of it that way," Herpel explained, noting that he has used various e-Bullion services since 2002. "It never bothered me or the agents I had used."
The Industry Standard has called and emailed e-Bullion several times, but has not received a response. Calls to Fayed's lawyer and the U.S. attorney prosecuting the case were not returned.
Background:
- e-Bullion's lawyer blasts new government claims, says seizure of funds "not authorized"
- Feds drop charge against James Fayed, company still under indictment
- e-Bullion co-founder charged with murder
- e-Bullion's lawyer calls government's actions "extreme"
- e-Bullion update: Fayed's lawyers say feds seized $24 million in assets
- Why use e-Bullion? An investor explains
- Court papers indicate James Fayed had absolute control over e-Bullion
- Daughter seeks control of mother's ownership interest in e-Bullion
- Not all e-Bullion customers are worried by outage
- e-Bullion still down for "routine maintenance"
- e-Bullion co-founder jailed on money transfer charge
- Report: Feds investigating e-Bullion in fraud inquiry
- E-Gold directors escape jail time with guilty plea
- Where are they now: Flooz
Comments
Not one picture of James Fayed has been published that I can find on the internet, including the news station sites.
Anyone know what this guy looks like?
he's white, portly and the last time I saw him he had a buz cut (light/gray hair)
Dear
I invested $ 6200 after i invested 1000 $ to profitgateway.com then recived after 30days $1481.
it's lucky i recieved, because i saw in someone info that profitgateway.com NOT PAYING . after i check goldpoll.com they mention SAinv.com is best HYIP so invested 1000 $ and after 5 days i recieved 1100$. then again I iNVESTED SAinv.com for 15 days 150% plan. And today 7th aug 2008 is return date but E-Bullion SItes is undergoing from 5th aug . Still the date problem not solved and i hear several newses. And my 7640$ in ebullion.com E66977. Do you have any idea when will they back or any other exchange company will take them Eg: E-Gold or Liberty....
Your Sincerly
PK Shafeeque
E-Bullion Customer
I'm a private Investigator and Blogger.
I have the most information published in one place about this case. I have court records posted with full description of James Muchael Fayed.
He filed Bankruptcy in 1997
It's all here and being updated nearly every day...
I'm for hire on this or any other case.
http://www.crimefilenews.com/search/label/fayed%20murder
Everyone: There's an update about e-Bullion at the following link:
Daughter seeks control of mother's ownership interest in e-Bullion
Also, as of Friday afternoon, August 8, I have not heard or seen any other information regarding the status of e-Bullion. I don't know why the site was taken offline, who is responsible, or when it will come back online.
Ian Lamont
Managing Editor
Industry Standard
James Fayed was doing nothing more than running a criminal Ponzi scheme with his two companies according to the US Attorney.
If there is good news the government has seized over $3 million in gold and cash.
I suspect that the government plans to freeze all of Fayed’s assets as they file a RICO action against him for fraud. Before this is over investors will get back only a percentage of their money. Most case leave investors flat. There is some hope here.
As a licensed private investigator I can go to court and gather every document and put them up on line but someone will have to pay for my services. I am in Los Angeles.
I
n the mean time my blog has the most complete information on this investigation. housedick@gmail.com
http://www.crimefilenews.com/search/label/fayed%20murder
Everyone: I just spoke with Mark Aveis, the assistant U.S. attorney who is prosecuting James Fayed. No comment on whether federal authorities shut down e-Bullion, or when more information might be forthcoming. The full article, including a court memo that outlines the government's position, is here:
No comment from federal prosecutor in e-Bullion case
Also, lots of details about the criminal investigation -- including photos and other court documents -- are available on the CrimeSceneNews website.
Many thanks to the CrimeSceneNews investigator, Paul, for getting ahold of the court document and posting it online for others to use!
Ian Lamont
Managing Editor
The Industry Standard
Ian, money which has not been transferred to the E-account, i.e still at the bank of America. When will this money be sent back to the owners?
I guess with that comment, I get my email answered, but do you have a small idea, how to get our money out of there, or any suggestions. I know I don't have as much as the others, but the money I have with them, is well earned...
Anyone who gave money that they can’t get returned from these outfits should contact the FBI. You need to also inform them of the ongoing prosecution by the US Attorney in Los Angeles.
When the US Attorney called this a Ponzi Scheme, on the record and in open court that’s pretty solid evidence the guy running it is a crook. In 1997 James Fayed filed Chapter 7 Bankruptcy in California.
I could help you retain a California collection/bankruptcy lawyer to go after the seized assets of the companies. The idea is that he would go after them on a percentage basis. It helps to have enough real claims to get the lawyer moving.
A lawyer representing a bilked investor could force a receivership or an involuntary bankruptcy of the companies. Because there some are assets to seize I think they will do it for a percentage of money recovered. There has to be enough investors to make this worthwhile for a lawyer.
The alternative is to hire a lawyer at his hourly rate with a hefty retainer up front.
If anyone wants my help in getting a competent California lawyer retained e-mail at: housedick@gmail.com me with:
Name
Address
Phone Number
e-mail address
The amount you have invested
The dates you invested the money.
hi everybody,
I am just trying to retrieve the money i wired to my e-bullion account on july 31. It was 6000K, "loaned" from my credit card, and now the e-bullion site is down and their customer service is silent.
I am very inept t dealing with criminal cases so I am asking everyone's expert advice: What are the steps necessary to retrieve my money, 6000K, from my e-bullion account?
thanks in advance.
eva
Eva, I recommend you get onto your credit card company immediately and file for a chargeback. I had to do something similar a long while ago with another payment processer and after a couple of letters (and standard negative responses) they eventually gave in and the money was re-instated into my account. If the money never appeared in your account (that e-bullion was contractually obliged to do) then you are a victim of fraud, and every credit card company will cover you. They will try and get out of it. Badger them until you get your money back. You have 6 months from the date of transaction to do it.
PS. Stop playing with these BS HYIPs, if you get your money back consider it a bonus as you would have lost it in whatever ponzi you were going to 'invest' it into anyway
There is something not right here. I read that Fayed is charged with unlicensed money transmitting, so my question is, why are you bringing up Hyips, not everybody who had an account with e-bullion invested in Hyips, and there is no proof that Fayed had a hyip website. E-bullion was not an Investment site. A lot of people had their accounts there, in gold, silver or e-currency, and used it to transfer funds to other e-bullion users without the charges, which a bank usually charges for a transfer. So he did not run a Ponzi scheme. Ponzi website were probably his customers. So they should have seized the accounts of those Ponzi schemes, and not just everybodys accounts.
Just my opinion.
Readers: I can't tell you how to get your money back from e-Bullion or other financial institutions. Right now, I am trying to find out what happened to the e-Bullion website. So far, I haven't been able to determine this information. In the meantime, I am updating the story with information from the various court cases and other sources, as it becomes available. Here's a list of the articles I've written so far:
There is also a long comment thread at the end of
this article, where people are discussing the case and I sometimes post updates or links. I recommend checking back there to see what is going on with the case.
Ian Lamont
Managing Editor
The Industry Standard
so what are the chances of getting our money back??
The whole concept of Fayed’s gold trading businesses were and are flawed. Think about the huge amount of trust investors place in an Internet business. You send them money and they hold your gold for you? That’s every bit as silly as asking any total stranger you meet on the street to hold your cash for you and pay you interest.
If you want to buy gold go out and buy it. Put it in your mattress or bank’s safety deposit box. That’s just what Fayed did with $3 million in gold bullion police seized at his home.
Why have some unregulated, unlicensed and bankrupt jerk with a website hold your assets for you? What a terrible idea!
Here are all my articles about the Goldfinger Murder:
http://www.crimefilenews.com/search/label/fayed%20murder
e-Bullion account holders: There is an update to this story which you all should read. It relates to the day-to-day management of e-Bullion and the Goldfinger companies:
Court papers indicate James Fayed had absolute control over e-Bullion
Let's keep comments related to this news on that article, and be careful if you decide to join the discussions, OK? Remember that real people are making important decisions relating to their personal finances and business activities because their e-Bullion accounts are in limbo, so please do not print rumors or hearsay in these comments. If you do have real information relating to the case that you would like to share, CLEARLY STATE THE SOURCE OF THAT INFORMATION.
Also, if you are a current or former e-Bullion/Goldfinger employee, I would like to talk with you. Please email me at ian at thestandard.com. Note that I am unable to help anyone access their e-Bullion accounts.
Ian Lamont
Managing Editor
The Industry Standard
Ian,
Like everyone else I cannot get through to anyone at ebullion or goldfinger and have about $2,000 tied up however i have been able to login and check my debit card balance which is through a different site. I have not tried it at an ATM but I will do that and let you know.
Brian.
I have an update with new documents:
http://www.crimefilenews.com/search/label/fayed%20murder
I also had silver there. So the government first seized all the gold an silver from liberty dollar and now they seize the silver and gold from e-bullion. It is like the 1933 Roosevelt gold seizure all over again. Why can't they just hold a gun to your head and tax you? Is that to much trouble?
I have an update with MORE new documents:
http://www.crimefilenews.com/search/label/fayed%20murder
i am planning on sueing e-bullion for 10,000,000 million usd, because they are promoting Ponzi online, i need my money back. if naybody from the newsletter want to email me about this they can. my email address moey124@yahoo.com thanks.
I have just returned from a 2 month business trip to the East. On my return I tried logging on to e bullion to transfer +-$11000 I have with them and I see the site in inaccessible! Can anyone help me with info as what to do or who to contact?
Thanks Paddy
Dear Ian
I have just returned from a 2 month business trip to the East. On my return I tried logging on to e bullion to transfer +-$11000 I have with them and I see the site in inaccessible! Can you or anyone help me with info as what to do or who to contact? Have I lost my money?
Thanks Paddy
I invested with profit gateway and never got paid my withdrawal..they sent the withdrawal but there was no batch number. They never reply to my emails..I have $8000 invested..the first time I tried it for $150 and got paid..then I reinvested it again and got paid..then I did the big one and got nothing...and as I said, they never reply. I also asked them if they could switch my account from E BULLION to Liberty Reserve..NO REPLY. Who do you talk to..they do not answer a so called phone..mail box is always full..which means there is no phone..do you have any answers..I await your reply...thanking you...Dutch
James Michael is now charged with capital murder along with his employee, Jose moya. Police are looking for at least one more suspect.
Fayed will be transfered to the L.A. County Jail shortly. He will be in court for the first time tomorow in Los Angeles.
My guess is a receiver will be appointed to liquidate Fayed's gold trading business. All money located and under government controll will be divided up to the investors it that happens. That is only a good guess based on other cases i have seen.
On the average it takes about three years from point of charging to the begining of a murder trial. Fayed will have a very long wait while in custody.
The actual murder complaint can be found here:
http://www.crimefilenews.com/search/label/fayed%20murder
Readers: There is a new update:
e-Bullion's lawyer blasts new government claims, says seizure of funds "not authorized"
You are welcome to comment below the new article. Please note that I cannot give any advice on how e-Bullion depositors can recover their funds.
Ian Lamont
Managing Editor
Industry Standard
Readers: There are two major developments in the e-Bullion story, located at the following locations:
Copies of the relevant court documents are linked from the articles.
I am closing the comment thread here, but you are welcome to continue the discussion in the comment threads for the two new articles.
Ian Lamont
Managing Editor
The Industry Standard