E-gold Owners Plead Guilty To Money Laundering

E-gold Owners Plead Guilty To Money Laundering 469

Posted by timothy on Tuesday July 22, 2008 @10:48AM from the laundering-is-just-a-bad-word-for-privacy dept.

Ian Lamont writes "The three owners of Internet currency service e-gold have pled guilty to money laundering in the U.S. District Court for D.C.. The service is based in the West Indies, but the directors apparently live in Florida. They haven't been sentenced yet, but potentially face decades in prison and millions in fines. In addition, the principal director posted a blog entry yesterday saying that 'criminal activity will not be tolerated,' and pledging to eliminate the loopholes that allowed money laundering to thrive on the service. He also claims that e-gold has more transaction volume in a single quarter than all of the first-generation Web currency services like Cybercash, Beenz, and Flooz completed over their lifetimes. Ironically, one of the reasons that contributed to Flooz's demise in 2001 was rampant money laundering."

E-gold Owners Plead Guilty To Money Laundering

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E-Gold... Why didn't I think of that? (Score:5, Funny)

by RandoX ( 828285 ) writes: on Tuesday July 22, 2008 @10:51AM (#24289325)

Here I am, looking up "Money Laundering" in the dictionary trying to figure it out.

It must be said (Score:3, Funny)

by xpuppykickerx ( 1290760 ) writes: on Tuesday July 22, 2008 @10:54AM (#24289373)

We get caught laundering money, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison.

Hit the limit (Score:5, Funny)

by Jadware ( 1081293 ) writes: on Tuesday July 22, 2008 @10:56AM (#24289393)

The police found out when their gold maxed to 2147483647. Everyone knows glitchers get caught.

uh-oh (Score:3, Funny)

by jollyreaper ( 513215 ) writes: on Tuesday July 22, 2008 @11:05AM (#24289511)

I heard a rattling in my dryer, opened it up and a quarter fell out. Does this mean I'll be doing a nickel upstate? I knew a guy doing a Susan B. Anthony for movie piracy.

Re:uh-oh (Score:5, Funny)

by Scutter ( 18425 ) writes: on Tuesday July 22, 2008 @11:10AM (#24289573) Journal

I knew a guy doing a Susan B. Anthony for movie piracy.
What, he was supposed to do 100 years, but only did 25 because the warden didn't look close enough?

Re:but... (Score:3, Funny)

by xpuppykickerx ( 1290760 ) writes: on Tuesday July 22, 2008 @11:22AM (#24289733)

Conjugal visits? Mmmm. Not that I know of. Y'know, minimum-security prison is no picnic. I have a client in there right now. He says the trick is: kick someone's ass the first day, or become someone's bitch. Then everything will be all right.

Re:E-Gold... Why didn't I think of that? (Score:1, Funny)

by Anonymous Coward writes: on Tuesday July 22, 2008 @12:22PM (#24290579)

Times have changed. You should look up "Money Laundering" on Wikipedia instead.

Re:Damn, was an easy way to buy gold... (Score:3, Funny)

by Hognoxious ( 631665 ) writes: on Wednesday July 23, 2008 @05:16AM (#24300785) Homepage Journal

The right question is, "Where in the Constitution is Congress given the power to pass such laws?"
Right next to where it mentions interstate highways and aviation.

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E-gold Owners Plead Guilty To Money Laundering 469

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E-gold Owners Plead Guilty To Money Laundering

E-Gold... Why didn't I think of that? (Score:5, Funny)

It must be said (Score:3, Funny)

Hit the limit (Score:5, Funny)

uh-oh (Score:3, Funny)

Re:uh-oh (Score:5, Funny)

Re:but... (Score:3, Funny)

Re:E-Gold... Why didn't I think of that? (Score:1, Funny)

Re:Damn, was an easy way to buy gold... (Score:3, Funny)

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