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Prosecutors Say They’ve Recovered $24 Million From A Fradulent Business Operated By Convicted Ventura County Killer

Posted on Wednesday, August 1, 2012 2:59pm

U.S., and Australian officials say they’ve recovered more than $24 million dollars they say was stolen through a website operated by a Ventura County man who’s currently on death row.

Judges in both nations issued orders allowing the governments to seize money from accounts related to a business known as “e-bullion.com”.

Prosecutors say James Fayed’s business allowed investors to open accounts which were used to buy “e-currency” supposedly backed by precious metal reserves in the U.S., and Australia.

But, investigators say the business took money from victims, and moved it around the world without following banking requirements, while charging huge fees to victims.

While the e-bullion case was being investigated, Fayed hired a hitman to murder his wife, Pamela Fayed. He was convicted of first degree murder, and sentenced to die for the brutal stabbing death of the Camarillo woman in a
Century City parking structure.

Federal prosecutors say victims of the scam will be able to submit claims to try to recover the money they lost.

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