The Industry Standard - Report: Feds investigating e-Bullion in fraud inquiry - Comments

Readers: There are two major

Ian Lamont — Fri, 13 Feb 2009 09:55:02 -0800

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, and there are many references to the HYIP schemes involved in the case, including 4fxtrader.

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

Everyone: This thread has

Ian Lamont — Wed, 28 Jan 2009 14:39:52 -0800

Everyone: This thread has been closed -- too many people talking about HYIP schemes which the Standard does not condone or offer support & advice for.

Ian Lamont
Managing Editor
The Industry Standard.

Hello! I see, the E-bullion

Andrej — Wed, 10 Dec 2008 15:31:35 -0800

Hello!

I see, the E-bullion is very deep. Can anybody tell me: One and half year ago I transfered 1000 USD to E-bullion with Theebullionexchange, which is still under FBI investigation ( i hope, because I didn`t know that thebullionexchange is down, when I transfered money to E-bullion) I don`t get money to E-bullion, and now I don`t know what is going on :(( I hope somebody help

MY ACCOUNT IN E-BULLION :

ERNESTO MARTINEZ — Fri, 28 Nov 2008 21:55:31 -0800

MY ACCOUNT IN E-BULLION : E71677, TRANSACTION ID FOR THIS WITHDRAWAL ORDER# W91740909-CK, SAT, 26 JULIO 2008 05:12:54 (GMT), USD$ 250.00
ADDRESS: 16440 NW 84 AVE, MIAMI LAKES, FL, 33016, US-UNITED STATES.
NO RECIVED .
CORREO ELECTRONICO: cubanesty69@yahoo.com
I CAN RECOVER THEIR FUNDS

Readers: There is a new

Ian Lamont — Tue, 25 Nov 2008 14:25:17 -0800

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

Hi Stanley Steger, We are

Miriam Rose — Fri, 07 Nov 2008 10:37:17 -0800

Hi Stanley Steger,
We are looking for a place to invest a friends money, so we are thinking precious metals.We are looking toward Global Bullion Exchange,LLC. That LLC bothers me because you have NO court recourse if anything goes wrong. I would appreciate a response via my email ; ladygeronimo32@yahoo.com,
which would be kept confidential if you wish.
Thank you,
Miriam Rose

Thanks for making this

Charles Kemp — Tue, 21 Oct 2008 07:19:30 -0700

Thanks for making this information available. Do you have any suggestions regarding how one might get a handle on how to track this situation? I would lke to follow what they are doing with my money. Thanks for your help.
Chuck Kemp

they always let it online

franky — Mon, 20 Oct 2008 00:42:40 -0700

they always let it online for a long time till there are not many people coming to the website to see or there is an update and than it is gone and you never got a thing like with eco corp in the past stating you will get a check never got it never will because US placed it in there pocket. still need to laugh when i see the images of 9/11 losers sad for the people but good for to learn a lesson

ya ya, it is not about fraud

franky — Mon, 20 Oct 2008 00:40:06 -0700

ya ya, it is not about fraud or anything the US just try to get there hands on the money so they can STEAL it like they tried with egold and many other once in the past, with egold they even came up with fake evidence just to get there hands on the gold so who is the real THIEF here? yep you got it right the DAMN USA are the crooks like always, and they will probably do it a lot more because the "so called" big guys (country number 1 bullshit) just go for the gold the only thing the USA can do is hiding themself with excuses it is a damn country and people need to wake up for once US is not number 1 they the real crooks look now with there pathetic financial problem, they can not even take care of there own money. everything in big, big prizes, big words now you got it BIG FINANCIAL problem and guess what the rest of the world can go with them in there problems USA is bullshit they crooks stealing money from other people in the world by bringing down some company like ebullion what does ebullion has to do with a murder? lol they just need an excuse to get there hands on the money pathetic. pathetic country and guess what they going to do with the money they going to buy weapons to make another war LOSERS

Global Bullion Exchange,

PGMEXPRT_TOM — Thu, 16 Oct 2008 17:05:03 -0700

Global Bullion Exchange, LLC
It is unfortunate that this client feels the way they do. Every effort is made by Global Bullion Exchange, LLC to insure each client's account is properly handled and any client issues are resolved immediately. Unfortunately though as with every investment, there is always the potential the client could make or lose money as nothing is ever guaranteed. Global Bullion Exchange, LLC only handles non-discretionary accounts, so if the market turns and the client is unreachable, we are unable to place a sell on their account. This prevents a client from being “churned" simply to generate a commission. Because of this, our brokers stay in constant contact weekly with all existing clients and it is the client's responsibility to work with their broker in managing the account. While we do earn a commission for our work, it is a set one-time fee which allows unlimited trading of their current metal position for the life of the account. This saves the client a large sum of money as each account will have numerous buy and sell transactions. To the the post of Pablo and R. laser; We sincerely regret that you had any concerns with our company and would like to be given the chance to rectify the situation if possible as well as explain what our total commissions were as there seems to be a misunderstanding. Please contact us at your earliest convenience.

I was also conned by Global

Pablo — Tue, 07 Oct 2008 14:27:55 -0700

I was also conned by Global Bullion Exchange. I spoke with someone at the CFTC today and apparently they have been scamming people for years. They structure the fees so that it is nearly impossible to ever make money (15% commission, finance charges, storage fees, etc.). Unfortunately, the CFTC doesn't have jurisdiction because they trade physical silver and not silver derivatives (futures and options). Best thing is to report them to the Florida Attorney General's office. A class action lawsuit is also a possibility.

pammy was a good friend end

charlene — Sat, 27 Sep 2008 22:37:27 -0700

pammy was a good friend end mother. Honest too. i hope the ex that killed her gets life. Nothing! His lies are untrue!!!! If i hear one lawyer lie! I will did . Like pammy again. Crying !! She called my / our best friend too hide, From that evil monter. call me w/ next court date .*858-729-3062. 949-6424062. Zgchar@hotmail.

I was also contacted by

Jon — Tue, 16 Sep 2008 12:10:21 -0700

I was also contacted by Global Bullion Exchange. Is this a legitimate business? I can't find any information on them besides their own website. Obviously, I'm not hearing good things about them.

To Ian and Stan above,

F. laser — Sun, 07 Sep 2008 07:03:36 -0700

To Ian and Stan above, Please help, I have been a conned global bullion exchange in lake worth fl. as well. I was told i could get 1000oz silver for 8000 when the market was at 18 oz. because they had an institutional order so i could get a big discount. Later i find out i was charged a 15% commision on the full metal value than i find out it was a margin account that the metal had to increase in value over 3.50 dollars to even break even.non of these facts were disclosed up front. when the metal fell in value 1.35 i was told i was in margin and had to send in more money or my account was a total loss. when i tried to sell out i was hung up on. I suspect no silver exists and this is a fraud and a ponzi scam. please send me the contact so i can report this fraud to the proper authorites. i would not want others to get in to this if somethings to good to be true....it is.......

they are tied to the big

stanley steger — Sat, 06 Sep 2008 08:05:34 -0700

they are tied to the big banks chase, bank of america, citi, in some way while the exchange sells long positions for as much as possible the banks short positions winding up with your money and the cftc does nothing. that is global bullion exchange

Report: Feds investigating e-Bullion in fraud inquiry

Ian Lamont — Fri, 01 Aug 2008 08:43:02 -0700

The Internet-based digital gold currency industry is once again under scrutiny, after one of the co-owners of e-Bullion was murdered earlier this week in a Los Angeles parking garage. Police have not named any suspects or identified a motive for the killing, but the Los Angeles Times reports this morning that e-Bullion was already under investigation in an "ongoing FBI fraud inquiry."

Last week, the owners and top executives another digital gold currency firm, e-gold, pled guilty in a federal money-laundering trial and agreed to submit to U.S. regulatory oversight.

Using Internet transactions, digital gold currency companies take customer deposits and match them with the equivalent amount of gold supposedly stored in vaults. Many of the companies are unregulated and/or incorporated in other countries to avoid U.S. financial laws and shield the identity of clients. The firms also attract customers who don't trust greenbacks or other paper currencies. As noted by the LA Times article:

"Such arrangements typically appeal to people harboring strong doubts about the stability of the international monetary system and who believe they are insulating their wealth from a global collapse by tying it to the value of gold."

Digital gold currencies have also been used for money laundering and other criminal activity, such as a kidnapping last month of the brother of a Nigerian soccer player.

Background: