The Gold Blog

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!

IGECARD.COM, INC. recently learned that its previous debit card supplier would not be replacing its current cardholders IGE Debit Cards with a new card, as originally promised.

IGECARD staff found this completely unsatistactory.  As a result, their staff went to work for a better solution.  And they found it!  Effective immediately, all previous IGE Cardholders qualify for a FREE Replacement of their IGE Card!  With the assistance of Instant Gold Exchange, all previous IGE Cardholders in good standing when the program closed will receive a FREE Digital World Global Debit Card.  The only expense to the Cardholder will be the shipping and handling costs of the card, which is $4.95.  This can be paid via e-gold to account 2125440 (DWG Debit Card).  

Instant Gold Exchange will need the following from the IGE Cardholder: 

Name:
Address:
City/State/Zip:
Date of Birth:
IGE Card #:—XXXXXX (last six digits)  Send the above information to:  sales@instantgold.net and make the $4.95 payment for S/H and that’s it!  

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Adding to its global mobile strategy, Cyphermint, Inc., a leading provider of secure electronic payment solutions, announced today that mobile banking and bill payment capabilities on a consumer’s mobile phone or other wireless device can be securely linked to a consumer’s credit, debit, stored value card or bank account through its PayCash Mobile platform.

PayCash, with its enhanced patented digital security, authentication and processing features, enables banked and un-banked mobile phone users worldwide to conduct bill payment, mobile banking, person-to-person transfers and retail payments with their cell phones. PayCash Mobile is designed to integrate credit, debit, stored value cards and bank accounts for funding of mobile payments such as mobile banking, bill payment, mCommerce and other payment related services.

PayCash Mobile is a storefront of technology tools and applications, security standards, and business models that enables financial institutions, merchants and consumers to engage in customized mCommerce mobile payment services regardless of the cell phone make or model or the consumer’s current service providers. The account can also be linked to a stored value card (SVC), Visa, MasterCard, American Express, Discover or any merchant gift card that allows users to load funds into the account as well as withdraw money at an ATM. Read the rest of this entry »

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