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: November 10, 2015
The Remission Administrator mailed checks to eligible victims on November 10, 2015. Please cash your remission check by February 8, 2016. Failure to cash the check by February 8, 2016 may result in forfeiture of your remission claim and re-allocation of your payment to other victims. Failure to cash this check will also disqualify you from subsequent disbursements.
The amount of each victim’s recovery was dependent on the value of all the valid petitions received and the amount of the Remission Fund. The total amount of funds in the Remission Fund was insufficient to fully compensate the victims of the e-Bullion fraud. Therefore, all victims received a pro-rata share of 22.72% of their recognized loss amount.
Update: October 22, 2015
The Department of Justice Asset Forfeiture and Money Laundering Section has completed its review of requests for reconsideration and has approved the issuance of remission payments to approved Petitioners. They are working to transfer the remission funds to the Remission Administrator for distribution. Checks are expected to be mailed in November 2015.
Please be advised that there are Petitioners who are eligible for payment, but who have a delinquent debt qualifying for collection through the Treasury Offset Program. Payments for these Petitioners will be reduced in order to satisfy their debt in part or in whole. A notice will be sent to these Petitioners in the upcoming weeks and will include a Unified Financial Management System Vendor Request Form, which must be completed by the Petitioner in order to receive the balance of his or her payment. Their payment will be made directly from the US Marshals Service by ACH funds transfer.
Please continue to check this website for updates regarding the payment process.
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.
- 1. What is this case about?
- 2. What is forfeiture?
- 3. What is remission?
- 4. Who was eligible to receive remission?
- 5. How was my check amount calculated?
- 6. The address on my check is incorrect and I can’t cash it -- what shall I do?