Three Million in Gold Bullion Seized at Gold Dealers House

EconomicPolicyJournal.com
Wednesday, Aug 6, 2008

Authorities have seized $60,000 cash, some of it sealed in shrink wrap, and $3 million in gold bullion at the Moorpark, CA ranch house of James Fayed, whose wife, Pamela, was murdered last week. Twenty-five assault rifles and thousands of rounds of ammunition were also seized from the house, according to Assistant U.S. Atty. Mark R. Aveis

Fayed, who was seeking a divorce from his wife, both jointly owned Goldfinger Coin and Bullion Sales and an associated Internet firm, e-Bullion.

Fayed was arrested Friday evening on charges relating to his business. In a court hearing today in Los Angeles, CA, Aveis characterized Fayed's business operations during 2005 and 2006 as ponzi schemes in which individuals invested up to $20 million.

In a further bombshell development, police have determined that the vehicle used by the murderer in the slaying of Pamela Fayed was rented with a credit card bearing the name of her estranged husband.

The credit card was seized from the wallet of James Fayed during a recent search of his Moorpark ranch house, said Aveis.

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