Liberty Reserve Shut down ?
www.ticotimes.net/More-news/News-Briefs/Costa-Rican-arrested-in-Spain-for-alleged-financial-crimes_Friday-May-24-2013

May-24-2013
Arthur Budovsky Belanchuk, 39, on Friday was arrested in
Spain as part of a money laundering investigation performed
jointly by police agencies in the United States and Costa
Rica.
Costa Rican prosecutor José Pablo González said Budovsky,
a Costa Rican citizen of Ukrainian origin, has been under
investigation since 2011 for money laundering using a
company he created in the country called Liberty Reserve.
Local investigations began after a request from a
prosecutor’s office in New York. On Friday, San José
prosecutors conducted raids in Budovsky's house and
offices in Escazá, Santa Ana, southwest of San José, and
in the province of Heredia, north of the capital.
Budovsky's businesses in Costa Rica apparently were
financed by using money from child pornography websites
and drug trafficking.
New York conviction
According to records from the U.S. Justice Department, on
July 27, 2006, Budovsky and a partner identified as
Vladimir Kats were indicted by the state of New York on
charges of operating an illegal financial business, GoldAge
Inc., from their Brooklyn apartments.
They had transmitted at least $30 million to digital currency
accounts worldwide since beginning operations in 2002.
The digital currency exchange, GoldAge, received and
transmitted $4 million between Jan. 1, 2006, and June 30,
2006, as part of the money laundering scheme.
Customers opened online GoldAge accounts with limited
documentation of identity, then GoldAge purchased digital
gold currency through those accounts; the defendants' fees
sometimes exceeded $100,000.
Customers could choose their method of payment to
GoldAge: wire remittances, cash deposits, postal money
orders or checks.
Finally, the customers could withdraw the money by
requesting wire transfers to accounts anywhere in the
world or by having checks sent to any identified individual.
Budovsky and Kats were sentenced to five years in prison
for engaging in the business of transmitting money without a
license, a felony violation of state banking law, but got
probation.

Wow..... Will I say that its the hand of Paypal to frustrate Nigerians? No!!! The man is running an illegal entity. But what of people that have little change in their account?

Nehemiah459: Wow..... Will I say that its the hand of Paypal to frustrate Nigerians? No!!! The man is running an illegal entity. But what of people that have little change in their account?

It's unfortunate, so many people will lose thousands of dollars because of this.

It will be hard to tell between legit and non-legit payments
so everything could be seized by the Feds.
But legally they are entitled to let everyone cashout their
money but not sure if they will since LR was mostly used for
illegal payments.

Fake news

denitro: Fake news

Is that what you think? Let's wait and see.