--- Reid Jackson <[EMAIL PROTECTED]> wrote: > > It is our practice to perform additional due > diligence prior to fulfilling > high value exchange orders to verify that we have > adequate knowledge of the > identity of our customer. I have been looking for the part of the user agreement where it says, that you require due diligence for OutExchanges, withdrawals, or whatever you are calling them these days. Somebody other than Snowdog, please help me out here! If I were running a business such as G&SR/OmniPay, it would be pretty difficult to maintain large enough trading balances to be able to fulfill payment requests such as this. If I am not mistaken, the e-gold was in OmniPay's e-gold account. Why don't they just sell some to come up with the money if they do not have enough on hand? How would this work? Would OmniPay redeem 10 x 400oz. bars and then sell it to cover the USD 1.1 million? Of course, if you look at the gold prices right now versus December, when OmniPay had to buy and the most recent growth occurred, according to the statistics page, OmniPay would take a hefty loss and look for any excuse not to pay... I wish G&SR/OmniPay had a publicly viewable balance for their e-gold accounts, why don't they? > The principals of Costa Gold have not responded to > our due diligence > inquiries. > > In cases where our customer will not comply with our > due diligence > procedures, it is our practice to refund the e-gold > to the e-gold account(s) > used to fund the exchange. However, we have > received conflicting > information from entities representing themselves to > be Costa Gold that > preclude us from refunding the e-gold in this > particular case at this time. > > Specifically, we have received communications > indicating that the > password(s) for Costa Gold have been compromised due > to inadequate security > at Costa Gold, and have also received these > conflicting instructions: > > 2. Instructions to fulfill the orders immediately. > > 3. Instructions to stabilize the value. > > 4. Instructions to cancel the orders and refund the > e-gold. > > Therefore OmniPay has requested Smith & Downey, > P.A., the US counsel for > Gold & Silver Reserve, Inc., to set up an escrow > account to hold the > disputed e-gold balance until a proper disposition > can be made. The account > balance in this escrow account is publicly viewable > using the following URL: > > http://www.e-gold.com/pub-bal.asp?pubid=244983 > > Refund of the escrowed funds is contingent on > provision of information from > the principals or authorized agents of Costa Gold > confirming that they are > authorized to make disposition of the disputed > value. > > Reid Jackson > Managing Director > Gold & Silver Reserve, Inc. > > > --- > You are currently subscribed to e-gold-list as: > [EMAIL PROTECTED] > To unsubscribe send a blank email to [EMAIL PROTECTED] ===== Dagny Taggart __________________________________________________ Do You Yahoo!? Yahoo! Auctions - Buy the things you want at great prices. http://auctions.yahoo.com/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
