E-Gold, based in Nevis, West Indies, and corporate affiliate Gold & Silver Reserve each pleaded guilty in U.S. District Court for the District of Columbia to conspiracy to engage in money laundering and conspiracy to operate an unlicensed money-transmitting business.
Douglas Jackson, 51, of Melbourne, Florida, the principal director of E-Gold and CEO of Gold & Silver Reserve, pleaded guilty to the charges, the DOJ said in a statement.
E-Gold's other two senior directors, Barry Downey, 48, of Baltimore, and Reid Jackson, 45, of Melbourne, each pleaded guilty to felony violations of District of Columbia law relating to operating a money transmitting business without a license. E-Gold, Gold & Silver Reserve and the three company directors were charged in an indictment returned by a federal grand jury in April 2007.
I'm not really sure how all this is going to play out but I think it might be a bit difficult operating a payment processor from prison.
Actually, it's very disappointing that the DOJ incrimiated Douglas Jackson and e-gold. I will always believe the e-gold system is sheer genius but evidenty the feds don't think so.
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Jul 23, 2008, 04:19:12 PM
