A while back I posted review of Crowne-Gold over here. Now at the time I was not aware that Crowne-Gold has some issues with the IRS (read the comments left on this post) so I was a bit surprised when users started to post comments that their gold assets were seized by the IRS. In an effort to get an idea of what is going on straigh from an official source I e-mail Mr. Sean Trainor from Crowne-Gold and asked him to respond to his customers’ comments. So, just to set the record straight here are his responses:
Client: (Alan – yes that’ s my comment)
Hmm, I see. I’ll change all references to “currency” and have it say “digital gold”. I think the issue of what to call your service is slightly academic. If we were to take the strict legal viewpoint, then Crowne-Gold would not be called “currency”
You may believe it academic on what we claim our system to represent. The US Justice system does not. They have rules, regs, laws and agents that can allege anything under the sun, deem you guilty until you prove your innocense. So this lesson that Crowne has learned at the end of the stick, (or barrel) clearly shows Crownes use of terminology is crucial.
Client: (Alan – yes, me once again)
All I can say is that what the IRS is doing is unconstitutional and I fully support you company’s fight for economic freedom and independence. I wish you success in your case! One a slightly different issue, I am wondering if you company has considered moving completely offshore.
Offshore is a myth. If you are using dollars to transact with, then all transactions flow through the US. If you can not operate within the US systems then it is far more complicated to operate in another jurisdiction. If you are operating in another jurisdiction and this operational entity is owned by US persons then this company is basically the same as a US corporation.
Client: (You thought it was me again didn’t you?)
In answer to #4 according to the first issue of DGC online magazine all issues charges were dropped by the I.R.S. as stated by you. Why then are my funds still being held or blocked from being sent from my account?
Please explain. Were can I verify the status this issue.
FYI..I sold my digital gold about a week ago..yesterday sent wire transfer instructions to Crowne Gold to have the USD funds transfer to a checking account…and received this reply:
Crowne Gold Inc is currently experiencing liquidity difficulties as a result or unlawful seizures of Gold, Silver and Cash by the IRS. We had hoped this would be a temporary situation
>and would be resolved but it has not. We wish we had better news but this is the current situation. At >this point it may be better to cancel your wire transfer request and submit again when we are better >able to fund your request, hopefully in the near future. Please contact Jim Schilling in Customer >Services at 503-657-2942 or firstname.lastname@example.org with any questions regarding your account.
doesn’t sound very promising does it…and there is no information on the Crowne Gold website to warn clients.
All clients have the same choice that Crowne has, you can contact the IRS and the Dept of Justice in the 9th district and ask them how to regain your assets. Many who did in the early days were told they had no standing, the Dept of Justice settled with us yet stole 300+ ounces of gold. The IRS re siezed assets after the Federal case was settled, which still hinders us today.
We apologize for this however we will not take blame for this conduct exerted by the US government and its agencies. If you are a US citizen I might suggest voting for a president like Ron Paul, writing your congressperson or contacting the current administration for a possible better solution. We are doing everything in our means to provide positive solutions.
Client: (Alan – you thought you heard the last of me, didn’t you?)
Ouch…hmm..I’m going to publish this if you don’t mind…I think other people should know about this. I was under the impression that the IRS issue wasn’t affecting crowne-gold *that* much and that they would still be able to honor the requests of their clients..I thought wrong..now that I think about it seems maybe the IRS took ALL their assets..hmm, who knows?
I know Sean Trainor has responded over here in the past, so perhaps he will comment again.
First e-gold, then Liberty Reserve, now Crowne-Gold…I guess the US Government means business – they don’t mess around.
The clients effected by the challenges CG has faced are old clients whose accounts were impacted (including myself) by these seizures. Currently Crowne Gold has no liquidity challenges whatsoever with clients who were not effected by the US government actions.
To suggest all of our assets are frozen or seized is far fetched. We are doing more business daily now then we used to do in 6 months time in the early 90’s. Our business model has produced 2007 revenues 300% yoy 2006, and we are already at 70% of 2007 revenues this year.
Sean Trainor’s concluding statement:
Thank you all for your interest in Crowne Gold. We hope your understanding will allow you to stay a client and help us bring about a true alternative to the fiat money system. No one ever said it would be easy. No one ever said there would not be losses. However we are doing the best we can to fight this fight in the legal systems of the US as that system dictates to the rest of the world.
Mr. Trainor if you happen to be reading this I’d like to thank you for taking the time to visit my humble blog and answer our questions. I believe you have demonstrated superb customer service and I’m sure your customers would agree with me. So there you have it folks. Thanks for visiting!