Fayed wants money released for company

LOS ANGELES Fayed was arrested in August on federal charges stemming from the gold-trading company that James and his wife Pamela co-owned. He was arrested on suspicion of operating a money-transmitting business without a license. He is being held in federal jail.

James Fayed is considered a suspect by Los Angeles Police in the stabbing death of his estranged wife. He has not been charged in that case. He was being held at the Metropolitan Detention Center in L.A.

Mark Werksman, Fayed's attorney, and another attorney who represents the gold-trading company, filed the motion Tuesday, stating that the $300,000 in question was necessary for the defendant's defense case. Most of that money would be needed to maintain Internet storage space of the company's content and information.

The IRS and the FBI seized business materials including bank accounts and precious-metal holdings, reported to be worth approximately $24 million.


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