As you can see from the document below, James was charged with a violation of 18 U.S.C. § 1960, operating an unlicensed money transmitting business. This is the exact same charge that Dr. Jackson of e-gold just plead guilty to–
“…during a roughly eight-month period in 2005 and 2006, bank accounts in the name of GCB, over which defendant was a signatory (along with his deceased, estranged wife), received and transferred out over $20,000,000 in proceeds from Ponzi scheme victims. The victims did not intend to use defendant’s business to purchase gold or precious metals, as defendant’s website represents as the service offered by defendant’s company. Neither defendant nor the entities he admittedly controls were licensed to transfer such funds. Accordingly, defendant was charged with operating an unlicensed money transmitting business. The indictment was returned on February 26, 2008, under seal, to permit the government to continue its investigation.”
Documents and details came from CrimeFileNews