FBI holds some of netellers money

**tencardcharlie** · 2nd February 2007, 10:33 AM

http://www.usatoday.com/tech/news/20...n_x.htm?csp=34

Sorry if this has been posted before, or if it's in the wrong forum. So many threads concerning the ban...

This part of the article worried me.

Neteller declined to comment. The company processed more than $7 billion in online gambling transactions in its 2005 fiscal year. FBI Agent Neil Donovan says funds from Neteller are being held in court as potential evidence. Some customers may get their money back, but he did not provide a timetable.

**Reef** · 2nd February 2007, 10:37 AM

this may or may not be related

http://majorwager.com/index.cfm?page=27&show_column=414

**vinylweatherman** · 2nd February 2007, 11:11 AM

So, when Neteller kept claiming it would just take longer than usual they were lying all along, which might explain why they always added that the money was 100% safe in trust accounts even though that was not related to the query on how long it would take to get the money out.

The articles suggest that money from Betonsports is what could be held for years, and the rest of the money is, well, held for an indeterminate time because no US bank will now touch Neteller.

Odd that Neteller are squashing player's "self help" solutions though, they are happy to turn a blind eye to $5000 disappearing from a Neteller account to a merchant, but are proactive in stopping Peer to Peer methods of getting the money out for stuck US players.
There could be a way round this, the peer to peer transfer must relate to the purchase of goods or services from the other member, rather than just giving them the money to send back - Neteller will have no legal argument for stopping this if the goods and services are indeed real, and supplied as promised, and are legal in the US - designer T-Shirts, for example, at $99.99+shipping.

**bdangel** · 3rd February 2007, 06:13 PM

I think everyone should demand interest on those funds that are held. After all if they sitting in a bank acct somewhere...staying safe they must be collecting interest....JMHO

**lots0** · 3rd February 2007, 06:27 PM

I don't care about the money, I figgured it was gone the day Neteller refused to send it to me.

What I care about is the DOJ going thru my neteller account records.

Neteller sucks! I hope the two SOB's from neteller they arrested rot in jail.

Those two guys turned over just like some cracked out snitch from a bad 80's Police TV show...

Better yet, I hope both the little neteller weasles get prison cell mates that are 300lb Gay's, that won't take no for an answer...

**frankensite** · 4th February 2007, 01:18 AM

Listen...Neteller is at the moment in a state where if every client toke out its money they would go broke, just like a bank would do in the rest of the world if 90% of the clients left and requsted there money.

**silkprint** · 4th February 2007, 02:10 AM

Well Netellers clients didn't just leave ...they were thrown out . They should have had a plan in place ..no matter what ..to give their clients their own money back .

**zaphod42** · 5th February 2007, 10:10 PM

Originally Posted by frankensite

Listen...Neteller is at the moment in a state where if every client toke out its money they would go broke, just like a bank would do in the rest of the world if 90% of the clients left and requsted there money.

Actually, that is mostly only U.S. banks you are talking about. The United States has some of the LEAST safe banks in the world, and this is primarily because the U.S. government allows them to keep only 10% of depositors money on hand at any time. In other words, for every $100 you deposit, the bank immediately loans out $90 of it to someone else and keeps $10 on deposit.

In the rest of the world, real, safe banks are self insured, meaning that for every dollar on deposit they keep a dollar on hand in cash. So if every single depositor closed their account and requested 100% of the funds, the bank would be able to honor ALL their requests.

**Cynthia777** · 5th February 2007, 10:23 PM

Originally Posted by frankensite

Listen...Neteller is at the moment in a state where if every client toke out its money they would go broke, just like a bank would do in the rest of the world if 90% of the clients left and requsted there money.

The difference with a bank is that the funds are FDIC insured in the event such a thing would happen...what plan did Neteller have in place? None, evidently.

**soflat** · 5th February 2007, 10:33 PM

Originally Posted by Cynthia777

The difference with a bank is that the funds are FDIC insured in the event such a thing would happen...what plan did Neteller have in place? None, evidently.

Yeah, what's the deal with these 'trust funds' foreign banks apparently have? Apparently the money is safe and sound somewhere, but it's just not available for the person who deposited it??

If they really had the money, they could have let US acct holders withdraw because they had been doing it for years already (even after the UIGEA was signed, it's not like continuing to honor withdrawal requests would have led to further indictments is it?).