Report: e-Bullion's sales rose 1,623% as the U.S. dollar fell

Ian Lamont — Thu, 28 Aug 2008 15:03:34 -0700

The Los Angeles Times has published an article about the Pamela Fayed murder investigation that reveals new details of e-Bullion's operations in recent years.

The report references court documents in the divorce procedings between Pamela Fayed and e-Bullion co-owner James Fayed. The documents were filed in the months before she was murdered on July 28 in Los Angeles, and describe the company's rapid growth as the U.S. dollar dropped in value:

"Over a five-year period, company sales increased 1,623%, James Fayed reported. Pamela Fayed told the court that the couple had bank accounts worth $12 million, plus stores of gold and silver in the United States, Europe and Australia."

It is unclear if the $12 million belonged to the couple, or were holdings that corresponded to e-Bullion's customer accounts. According to e-Bullion's lawyer, James Spertus, government officials at the beginning of this month seized $24 million that belonged to e-Bullion's customers. e-Bullion accounts have been inaccessible since then. The raids were carried out after the U.S. Attorney's office in Los Angeles indicted James Fayed on a charge of operating a money transmitting business without a license. Fayed is also a suspect in his wife's murder, but has not been charged.

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