United States v. $1,802,651.56 in Funds Seized From e-Bullion, et al., No. CV-09-01731 (C.D. Cal.)
This site has been established by the U.S. Department of Justice to provide information for e-Bullion accountholders. Individuals or businesses that had funds and/or precious metals in an e-Bullion account at the time of the government’s 2008 seizures may be eligible to receive compensation through a process called “remission.” This process is administered by the Department of Justice under a contract with a private claims administrator.
Update: August 5, 2015
The Department of Justice has completed its review of the petition forms received and the Remission Administrator’s recommendations for granted and denied petitions have been approved. Before remission checks can be disbursed, the Department of Justice is required to review any requests for reconsideration of denied petitions. Once the reconsideration process is complete, the Remission Administrator will begin preparing and issuing checks to eligible victims.
e-Bullion was a web-based money transmitting business operated by James Michael Fayed. e-Bullion allowed individuals to deposit money and purchase virtual “e-currency” that was purportedly backed by precious metal reserves maintained by Fayed’s companies in the United States and Australia. Accountholders could use e-currency to trade in goods and services with other accountholders. Federal investigators determined that many operators of fraudulent investment schemes used e-Bullion to collect millions of dollars from victims, much of which was wired to overseas accounts.
In May 2011, Fayed was convicted of murdering his wife and is currently awaiting execution on California’s death row. On July 30, 2012, the United States Attorney’s Office for the Central District of California obtained a judgment in federal district court that resulted in the forfeiture of approximately $3.6 million in bank funds and $5.4 million worth of gold, silver, and platinum seized from two entities formerly controlled by Fayed – Goldfinger Coin and Bullion (GCB) and Goldfinger Bullion Reserve Corp (GBRC). In a related matter, the Australian Federal Police obtained a judgment resulting in the forfeiture of approximately $13 million in precious metals that were purchased and stored by Fayed in the Perth Mint in Australia. The funds forfeited in the Australia matter are also expected to be distributed to qualified e-Bullion accountholders through this remission process.
Claims For Remission
For further information about the e-Bullion remission process, please click the links on this page for the Case Documents and Frequently Asked Questions.