By P. Carl Mullan
This e-book offers particular case experiences of the 1st advertisement net electronic foreign money platforms built among 1996 and 2004. Transactions accomplished with the recent know-how circumvented all US monetary rules, a gap that transnational criminals exploited. Mullan explains how a whole of businesses, brokers, and contributors grew to become a blind eye to crimes being devoted during this unsupervised atmosphere. He then tracks the next alterations made to US laws that now hinder such unlicensed job, illustrating the significance of supervising items and industries that come up from new disruptive expertise. This e-book distills 1000s of hours of interviews with the creators and operators of early electronic forex companies to create particular case reviews in their practices.
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Extra resources for A History of Digital Currency in the United States: New Technology in an Unregulated Market
E-gold’s connection to fraudulent HYIP Ponzi schemes began just about three years into its operation. As detailed in court documents, between September 1999 and March 2000, parent company G&SR accepted $2,450,000 in funding from a Ponzi kingpin named John Wayne Zidar. Zidar along with at least five other associates had been operating several private phony “investment” programs under the names Vista International, Oakleaf International, and Rosewood International. Zidar targeted “Christians” and illegally solicited money from consumers for bogus investments.
According to the complaint, Stroud targeted his fraudulent investment offerings mainly to investors who were recently defrauded in another investment scheme. That scheme, known as EBiz Ventures…28 Garry Stroud also used e-gold as a preferred method of accepting money from unsuspecting victims. In May 2001, $50,000 of funds received through e-gold was used to pay lawyers representing Donald English during his ebiz legal case. Angelic International was one of Garry Stroud’s next investment schemes which also used e-gold.
E-gold account owners could only spend an amount up to the maximum balance in an account. The funds had first to be available before pushing the value into another account. An e-gold spend could never bounce. The company was also publishing a statistics page that featured daily transaction data. The e-gold statistics page noted the current date and provided recent data based on the previous 24 hours of activity in the e-gold system. ) USD Equiv. C. MULLAN Balance Distribution of Funded Accounts (Stated for Gold, Silver, Platinum, and Palladium) This balance distribution showed the exact number of accounts containing a balance of metal on that day.
A History of Digital Currency in the United States: New Technology in an Unregulated Market by P. Carl Mullan