The Gold Blog

We are pleased to announce that you can still find a reasonably-priced prepaid debit card that accepts multiple e-currency. With recent fraud by a well known debit card provider, recent closings of other debit card providers for various reasons, the unstable price spikes of gold making profit almost non-existant, debit card providers have been few and far between as of late.

However, there are at least three that we know of still in business and running strong. If you have a multiple e-currency prepaid debit card to offer, please be sure to visit http://www.gold-cards.net and be sure to list it and let us know about it.

Digital Wealth Global is pleased to announce the launch of the new Digital Wealth Global (DWG) Prepaid Debit Card. The DWG Card is a multiple e-currency international prepaid debit card. For a limited time, you can get the card for only $19.95, with FREE shipping and handling via U.S. Mail.

The DWG Prepaid Debit Card offers the following terrific benefits:

Comes with CVV2 Code and Date of Expiration For Internet

And Telephone Purchases

POS and ATM Daily Withdrawal $3,000.00

Valid At Over 1,300,000 ATMs Worldwide!

Daily Load Maximum is $10,000.00!

Maximum Card Balance Preload Limit $24,999.00

Multiple E-Currency Funding Load Fee Only 12% plus $5!

Only $19.95 plus activation

Add Actual Cost For FEDEX International Shipping!

Get your DWG Prepaid Debit Card now! Go to: http://www.dwgcard.com.

IGE Debit Card is another prepaid debit card that has been in business for the longest period of time, having weathered several storms of card platforms shutting down on almost a regular basis.

IGE has just announced its new IGE Prepaid Debit Card, which also lists for only $19.95. In addition, it offers the same features as the DWG Prepaid Debit Card listed above, and often has specials on its site.  Their site is http://www.igecard.com.

Ultimate Gold Card is the latest Prepaid Debit Card that allows funding via multiple e-currency funding. It is very competitive with the other cards listed above, and offers the same rates and benefits.  Their site is located at http://www.ultimategoldcard.com.

Please note that due to the recent spikes and fluctuations of gold, the funding rates are subject to change without notice.

Also, all three cards can be funded by traditional means as well as by e-currency. All three can be funded by Bank Wires, Money Orders, E-Gold, E-Bullion, Web Money, Pecunix and Liberty Reserve.

Virtual Visa Card – Some prefer the benefit of a prepaid non-reloadable debit card without the aggravation of keeping up with the plastic. For those, the Virtual Visa Card is the answer. They are located at http://www.virtualvisacard.net . One of the BEST benefits of a Virtual Visa Card is that your identity and total amount of possible loss is limited to the amount of the card. Many prefer to use virtual visa cards on the internet rather than to use their regular plastic credit cards. Their prices seem very reasonable, and the virtual cards have all the benefits of regular prepaid cards when it comes to online and telephone shopping. The complete selection and prices are posted on their website.

In a post 9/11 world, “due diligence” is constantly on the forefront—or at least we are expected to believe that. Although banks these days are preaching “due diligence,” it appears that at least one bank does not practice what it preaches. Monterey County Bank, based in Monterey California, http://www.montereycountybank.com that supports several card platforms for businesses providing prepaid debit card products for use on the internet and at atms, has missed the boat on “due diligence,” at the expense of those who entrusted it.

One of those businesses that it sponsors, Digital World Global Card, Inc., http://www.digitalworldcard.com , based out of New York, New York, is owned in full by sole shareholder Joseph Simon LaCroix, aka Joseph Simon, a convicted felon in the province of Ontario, Canada, according to Rowena McDougall, Senior Manager, Public Affairs, for the Financial Services Commission of Ontario (FSCO) .

On October 3, 2005 Joseph LaCroix, the sole officer and director of Digital World Financial, pleaded guilty to the charge of conducting the business of a loan and trust corporation without being registered in the province of Ontario. LaCroix was fined $50,000 and placed on probation for two years. As a condition of the probation LaCroix must pay approximately $2.2 million in restitution to depositors. Good luck on collecting that!

LaCroix also pleaded guilty to carrying on the business of insurance in Ontario without a licence and was fined $5,000. Seems Canada garners favor with criminals, as its criminal penalties certainly don’t seem to discourage crime.

For more on LaCroix’s convictions, see the following:

http://www.claimsurvey.com/english/pubs/news/2005/20051007-digitalworld.asp

http://www.fsco.gov.on.ca/english/pubs/news/2005/20051007-digitalworld.asp

http://www.ontarioinsurance.com/english/licensing/ceasedesistorders/cdo-digitalworld.asp

http://www.ontarioinsurance.com/english/pubs/bulletins/mebulletins/2006/g-03_06.asp

http://www.sfsc.gov.sk.ca/ssc/files/enforcementorders/2002_enf/temporary/digitalworldfinancialinc(temp)feb27-02.pdf

http://www.sfsc.gov.sk.ca/ssc/files/enforcementorders/2002_enf/extending/digitalworldfinancialinc(ext)mar13-02.pdf

http://www.fsco.gov.on.ca/English/licensing/ceasedesistorders/cdo-digitalworld.asp

Now, less than three years later, LaCroix’s Digital World Global Card, Inc. was shut down on April 1, 2008, by Monterey County Bank after LaCroix has allegedly misappropriated the funds of its many cardholders. Those cardholders had put their trust in Digital World Card, Inc. as well as Monterey County Bank—after all, if you can’t trust a bank, who can you trust? To add insult to injury, LaCroix had his staff to tell cardholders that their accounts were being audited by the bank, implying that they had somehow done something wrong. His staff has since become non-existant. Calls to the company (866) 878-8020 go directly to voice mail, and are not returned. Calls to LaCroix’s cell phone (347) 853-4746 went unanswered.

It should be noted that apparently all of LaCroix’s resellers were left out in the cold. It should also be noted that the ONLY cards affected are those that have the name Digital World Global Card at the top of the card – No others. Funds were sent to Digital World Card, Inc. for the benefit of cardholders, and instead, went to the benefit of LaCroix. In reported cases, LaCroix even emptied funds already on cardholders cards!

LaCroix’s site, Digital World Card, Inc., still maintains its website at http://www.digitalworldcard.com . Do Not Order From This Site! Do not become one of his victims! If the bank backing your prepaid debit card is Monterey County Bank, do your OWN due diligence!

Please remember that Monterey County Bank merely shut his program down on April 1, 2008. They offered absolutely NO COMPENSATION for their cardholders whatsoever. Do you think they would feel the same if you owed them money?

Remember, Buyer Beware!

We are pleased to announce that Instant Gold Exchange, http://www.instantgold.net, is operating with business as usual.  Instant Gold Exchange currently buys, sells, and exchanges e-gold and e-bullion.  In addition, they offer the DWG Debit Card, which can be funded with e-gold and e-bullion, in addition to traditional means.

In operation since 2001, Instant Gold Exchange has worked long and hard, offering excellent customer service, and in most cases, same day funding!  And Instant Gold Exchange still has the most reasonable rates among the e-currency exchangers.

If you are looking to buy, sell, or exchange E-Gold, Instant Gold Exchange is an excellent choice!

Digital Currency Business E-Gold Indicted for Money Laundering and Illegal Money Transmitting http://www.pr-inside.com/digital-currency-business-e-gold-indicted-r107629.htm 2007-04-27 21:39:19 - WASHINGTON, April 27 /PRNewswire-USNewswire/ — A federal grand jury in Washington, D.C. has indicted two companies operating a digital currency business and their owners on charges of money laundering, conspiracy, and operating an unlicensed money transmitting business, Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney for the District of Columbia Jeffrey A. Taylor announced today. The four-count indictment, handed down on April 24, 2007, and unsealed today, charges E-Gold Ltd; Gold & Silver Reserve, Inc.; and their owners Dr. Douglas L. Jackson, of Satellite Beach, Fla.; Reid A. Jackson, of Melbourne, Fla.; and Barry K. Downey, of Woodbine, Md., each with one count of conspiracy to launder monetary instruments, one count of conspiracy to operate an unlicensed money transmitting business, one count of operating an unlicensed money transmitting business under federal law and one count of money transmission without a license under D.C. law. Subsequent to the indictment, the Department of Justice also obtained a restraining order on the defendants to prevent the dissipation of assets by the defendants, and 24 seizure warrants on over 58 accounts believed to be property involved in money laundering and operation of an unlicensed money transmitting business. The restraining order does not limit the E-Gold operation’s ability to use its existing funds to satisfy requests to exchange E-Gold into national currency for customers of non-seized accounts, or its ability to sell precious metals to accomplish the same, once approval has been received. According to the indictment, E-Gold’s digital currency, “E-Gold,” functioned as an alternative payment system and was purportedly backed by stored physical gold. Persons seeking to use the E-Gold payment system were only required to provide a valid email address to open an E-Gold account - no other contact information was verified. Once an individual opened an E-Gold account, he/she could fund the account using any number of exchangers, which converted national currency into E-Gold. Once open and funded, account holders could access their accounts through the Internet and conduct anonymous transactions with other parties anywhere in the world. The indictment alleges that E-Gold has been a highly favored method of payment by operators of investment scams, credit card and identity fraud, and sellers of online child pornography. The indictment alleges that the defendants conducted funds transfers on behalf of their customers, knowing that the funds involved were the proceeds of unlawful activity; namely child exploitation, credit card fraud, and wire (investment) fraud; and thereby violated federal money laundering statutes. The indictment further alleges that the defendants operated the E-Gold operation without a license in the District of Columbia or any other state, or registering with the federal government, and thereby violated federal and state money transmitting laws. The indictment alleges that this conduct occurred at various times from 1999 through December 2005. “As alleged in the indictment, the E-Gold payment system has been a preferred means of payment for child pornography distributors, identity thieves, online scammers, and other criminals around the world to launder their illegal income anonymously,” said Assistant Attorney General Alice S. Fisher of the Criminal Division. “This indictment demonstrates that the Department of Justice, in cooperation with its law enforcement partners, will aggressively identify and prosecute those who knowingly enable and profit from transmitting the proceeds of criminal activity, online or offline.” “Douglas Jackson and his associates operated a sophisticated and widespread international money remitting business, unsupervised and unregulated by any entity in the world, which allowed for anonymous transfers of value at a click of a mouse,” said U.S. Attorney Jeffrey A. Taylor for the District of Columbia. “Not surprisingly, criminals of every stripe gravitated to E-Gold as a place to move their money with impunity. As alleged in the indictment, the defendants in this case knowingly allowed them to do so and profited from their crimes.” “Today’s indictment is the result of a two and a half year investigation by the U.S. Secret Service Orlando Field Office into an alternative payment system which has largely operated outside of normal banking industry regulations,” said Secret Service Assistant Director for Investigations Michael Stenger. “This system has been exploited for more than 10 years by criminals who operate primarily via the Internet. Cooperation among investigators, including the IRS, the FBI and other state and local law enforcement, has enabled us to more effectively address emerging threats and evolving criminal methods, such as the use of electronic or digital currency to facilitate trafficking in illicit goods and services.” “The advent of new electronic currency systems increases the risk that criminals, and possibly terrorists, will exploit these systems to launder money and transfer funds globally to avoid law enforcement scrutiny and circumvent banking regulations and reporting,” said Assistant Director James E. Finch, of the FBI’s Cyber Division. “The FBI will continue to work closely with the Department of Justice and our federal and international law enforcement partners to aggressively investigate and prosecute any, and all, persons or organizations that use these systems to facilitate child pornography distribution, to support organized crime, and to perpetrate financial crimes.” “This is a new twist on laundering money through unlicensed money transmitters but it is nothing new for financial investigators,” said Eileen Mayer, Chief of IRS Criminal Investigation. “The combined investigative skills of the law enforcement partners under the St. Cloud IRS Criminal Investigation and Secret Service Task Force proved to be a brick wall for E- Gold. We are proud to bring our financial expertise to this type of investigation that ultimately unravels fraud.” The conspiracy charge in the case relating to money transmitting carries a maximum sentence of five years in prison. The federal law violation of operating an unlicensed money transmitting business carries a maximum sentence of five years in prison. The D.C. Code violation for money transmission without a license carries a maximum sentence of five years. The conspiracy charge relating to money laundering carries a maximum sentence of 20 years in prison. The case is being investigated by the U.S. Secret Service with the assistance of the IRS and the FBI. The case is being prosecuted by the U.S. Attorney’s Office for the District of Columbia and the Computer Crime and Intellectual Property Section of the Criminal Division. Assistance is also being provided by the Child Exploitation and Obscenity Section and the Asset Forfeiture and Money Laundering Section of the Criminal Division. An indictment is merely an accusation and the defendants are presumed innocent unless and until proven guilty. Source: U.S. Department of Justice