SCAM ALERT!!! Ticker symbols USGOLD and USGOLDBUYERSCOM on the GLBSE

[Peter Lambert]

Recently, two assets have been listed on the GLBSE, USGOLD and USGOLDBUYERSCOM, both purporting to be backed by the same fund run by USGoldBuyers.com, managed by a Samuel Cummings.

I just spoke with a representative of USGoldBuyers.com, using the inforamtion on their website, and they have no person there named Samuel Cummings, and they had never heard of such a fund. Looks like somebody is trying to use the name of a legitimate business to scam bitcoins from people on the GLBSE. The person I spoke with said he would pass the information I gave him on to their legal department.

If you are the perosn running these funds, please speak up now.

[Stephen Gornick]

Thank you Peter for your work in monitoring the marketplace and alerting us on these.  (and for your blog covering GLBSE, http://bitmarketwatch.com )

A crowdfunding bill is making its way through the U.S. Senate  ( http://www.nhbr.com/news/941946-395/crowdfunding-bill-gains-in-congress.html ) but there are restrictions (e.g., max investment by an investor in a company of $1K, cash managed by a qualified third party (i.e., record the identity of investors, etc.).  As such there will still be many businesses that will still be unwilling or unable to participate.  There is so much need for a GLBSE.