E-Bullion and Mr. James Fayed

P. Carl Mullan
Additional contact information
P. Carl Mullan: Digital Currency Intelligence Authority Ltd.

Chapter Chapter 4 in A History of Digital Currency in the United States, 2016, pp 111-152 from Palgrave Macmillan

Abstract: 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.

Keywords: E-bullion; James Fayed; Pamela Fayed; Goldfinger Coin and Bullion; HYIP; Ponzi; Remission; e-bullion debit card; Crypto card (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:paiecp:978-1-137-56870-0_4

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137568700

DOI: 10.1057/978-1-137-56870-0_4

Access Statistics for this chapter

More chapters in Palgrave Advances in Economics of Innovation and Technology from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().