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!

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!

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!  

Digital Gold Card
https://www.thedigitalgoldcard.com

E-gold, E-bullion ATM Debit Card.Welcome to Digital Gold Card!! 
The next generation international e-gold and e-bullion ATM stored value
debit card. Are you looking for a simple solution turning your e-gold and e-bullion
into spendable cash?  Our international stored value atm debit card can be funded with both the
e-gold and e-bullion payment interfaces. How good is the Digital Gold Card?
You spend your e-gold, e-bullion to us and withdraw your funds using using
over 800,000 ATM terminals worldwide. 

The card only costs $50, including shipping and activation. Order Here.
CARD FUNDING

Your card can be funded by e-gold, e-bullion, Pecunix or V-Money. Card fundings normally take place the SAME DAY, and usually within hours, except when we suffer delays outside of our control.

Our Debit Cards Are issued by a US Bank (member FDIC) and are part of the VISA® - PLUS network that covers more than 80 countries on all 7 continents.

• There is no need to send Identification documents. Just fill in the ID information required.
• As our card is affiliated with the STAR - VISA® - PLUS network, it is accepted at over 5 millions Points of Sale (POS) worldwide and in some 650,000 ATM machines displaying the «Cirrus» or «Maestro» (MasterCard) logo, throughout the world.
• The card works at any ATM machine, anywhere in the world.
• Cards can be purchased by customers located anywhere in the World.
• The card funding fees are very low, so the card is perfect for sending funds in total security to family members or relatives abroad. All you have to do is get a card, send it to your friend or relative, and then add funds to the card whenever you wish, from wherever you are.

FEES AND FEATURES

• Card Activation (One time) $5.00
• Monthly Maintenance Fee $4.95
• US ATM Monetary Transaction $1.50
• Domestic ATM Usage Transaction $1.25
• International ATM Monetary Transaction $4.00
• International ATM Usage Transaction $2.50
• PIN-Based Point-Of-Sale Purchase Transaction $1.00
• PIN-Based Point-Of-Sale Decline Transaction $1.25 NOTE ATM Usage includes Balance Inquiry & Declined Transactions.
• Card Funding (e-gold e-bullion and V-Money) 4.00 % (Ebullion) 5.00 % - Minimum Fee $6.00
• Replacement of card (lost or stolen) $20
• Bank Funding Fee (per funding)$3.00
• Daily withdrawal limit : USD 2,000
• Maximum load amount: $10,000 daily $30,000 monthly
• No Name on the card
• 100% Security & Privacy
• Pay Merchants anywhere
• Ideal for Family & kids
• Easily convert your Gold or E-currencies to Cash
• Affiliated with the VISA PLUS Network

Technorati Tags: VISA, MasterCard, E-currencies

Del.icio.us Tags: e-gold, e-bullion, Pecunix, V-Money, Debit Cards, VISA, PLUS network, STAR