E-gold facing financial crimes

In the world of online transaction and electronic currency, e-gold is a very familiar term that would come up more than once. E-gold has been opened for use since 1996 and between then and 2005, transaction has grown to great heights with account number rising from one million to about three million between the year 2003 and 2006. Now that's a growth. It is owned by Gold and Silver Reserve Incorporated and their head office is located in Nevis, West Indies. The director of the company, Douglas Jackson and his two senior assistants, Barry Downey and Reid Jackson have been charged to court by the US Department Of Justice after an indictment by a grand jury in April 2007 and in July 2008 they plead guilty in U.S. District Court of Columbia.

One of the charges was operating a money transmitting business without a license (money laundering). Well with all sincerity e-gold, though one of the best payment sites really has too many issues with security that they should look into. It is scammers preferred payment system because there is no form of identification in the system. So if money is paid to someone for something, there is no way of finding the person out once the money has changed accounts. Other crimes committed by some users are credit card fraud, identity theft and child exploitation.

They will be sentenced in November 20 but the real question been asked is that what will happen to e-gold. Is this a confirmed step taken by the company to go underground? They state changes to help improve security but I was in the site a couple of days ago and someone registered and I didn't notice any change in improving security. He is using it to receive and send money and no one in the internet world knows if he exists. I love e-gold, it's quicker, cheaper, easier to use but they have to be able to give account of their customers and help stop scams and other internet crimes (that is if it will still be open for use during and after their jail term)