LOS ANGELES--Millions of dollars will be repaid to victims who made investments or deposits with e-bullion.com, a website that was operated by a man who is currently on California death row, the U.S. Attorney's Office announced today.
James Fayed who sent to death row in a state court for contracting with hit men who murdered his wife operated e-Bullion.com, say federal officials.
The repayment is a result of the United States and Australian authorities securing court orders in asset forfeiture actions.
e-Bullion provided opportunities to invest in precious metals through its website.
Investors would open accounts with money, which was used to buy "e-currency" which was reportedly backed by precious metal reserves maintained by Fayed's companies in the United States and Australia. e-Bullion accountholders could then trade their e-currency with others on the web site, according to federal prosecutors.
While there were no upfront fees to set up an account on the website, there were fees associated with changing e-currency back into real money.
e-Bullion let individuals engaging in fraud to obtain money from their victims and move the money throughout the world will sidestepping many global banking reporting requirements.
During the course of the investigation, Fayed hired hit men to murder his wife and business partner, Pamela Fayed, according to federal officials.
e-Bullion accountholders who wish to be considered for repayment should include documents to verify their claim and send an e-mail to: email@example.com.