E-Gold Executives Admit to Laundering Money, Shirking AML Duties in Plea Deal

By Brian Monroe

Online digital currency business E-Gold and its three principal directors admitted late Monday to laundering money and operating as an unlicensed money transmitting business. The move by E-gold and its affiliate, Gold & Silver Reserve Inc., is a reversal of course for Chief Executive Dr. Douglas Jackson, who vowed last year to fight the U.S. Department of Justice and prove his company, and similar gold-backed businesses, should not be classified as money transmitters or subject to anti-money laundering laws. Jackson, a former oncologist who left his practice to start E-Gold in the late 1990s, faces up to 20 years in...