More Neteller delays

[Simmo!]

Postponed: http://www.igamingbusiness.com/artic...rticleID=13119

Also US guys with trapped funds might like to note the "Neteller Customer Coalition" mentioned in the article as a potential vehicle.

[dominique]

A link to the neteller coalition:

http://sports.groups.yahoo.com/group...omerCoalition/

You need to join and see the database - it shows you the money everyone has stuck.

[rhump]

http://www.neteller-group.com/press/en/126.htm

NETELLER Takes Positive Step Towards Returning US Customers’ Funds


Wednesday, 21 March 2007 – The NETELLER Plc Group (LSE: NLR), the leading global independent online money transfer business, today announced that it has signed agreements with each of the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, Inc. (“Navigant”).

On 8 February 2007, the Group announced that it was in discussions with the USAO to manage an orderly return of funds to US customers and that it was contemplated that a forensic accounting firm would be engaged, at the Group's expense, to assist in this process and to examine the Group's financial position.

The Group is pleased to announce that on 20 March 2007, it signed agreements with the USAO and Navigant which, among other things, outline terms and a timeline under which NETELLER will work toward the orderly distribution of funds to its US customers. Per the agreements, the Group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers. Navigant will also provide a report to the USAO on the Group’s current financial condition.

“We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office,” said Ron Martin, Group President and CEO. “Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”

NETELLER is continuing to cooperate with the USAO’s investigation, under the advice of its legal advisers and in accordance with court orders in the Isle of Man.

Further updates with relation to the US situation will be made as soon as there are any material developments. In the meantime, US customers should visit updates.neteller.com for more information, including newly updated FAQs that provide additional clarity, where the Group is able, around certain issues currently being raised in a number of public forums. Additionally US Customers can contact NETELLER Customer Service on the web or by phone at 1-888-258-5859.


About the NETELLER Group
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.

The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.

Media and Investor Contacts
Citigate Dewe Rogerson
Sarah Gestetner or George Cazenove
Tel: +44 (0) 207 638 9571

[jetset]

This is still going to take some patience on the part of US players, because the way I read the company statement on its neteller-group site is that it could take up to 75 days before Neteller announces a plan to distribute frozen funds to US players.

Quote: Per the agreements, the Group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers. Unquote

No explanation is offered for this extraordinarily long *planning* hiatus.

Another issue that strikes me is that yet again Neteller has not included in their statement what rate of interest has accrued on these funds....and who gets it. Over the past few weeks several enquiries addressed to the e-wallet on this important aspect have remained unanswered.

[vinylweatherman]

Why the forensic accountants?

Surely the process is simple for the majority of cases, balance in Neteller, write check for amount, lock account & send said check drawn on a processor that is mutually acceptable to Neteller and the DoJ to prevent bounced checks.

This looks like something is being hidden and/or covered up. Perhaps some of the money isn't where it should be, or the "agreement" involves tracking all the transactions of all US account holders for reasons other than the simple return of outstanding funds.

At least this means that the funds will most likely be available for next Christmas, and affected US players will eventually see an end to this experience.

Today also sees the EU going for 4 countries that have sought to follow the US lead in restricting the gambling market to preferred suppliers. They have renewed confidence after winning the case against Italy.

DoJ and FBI officials should be wary of "changing planes" at Heathrow or Gatwick (or Frankfurt, Koln, Paris.........etc ). The EU have already gone for Microsoft, and won!

[Tester]

My guess is that it is the USAO's whoknows reasons behind that.
Neteller says that it is that "Neteller and USAO wanting to make sure.....".
One can easily guess that the only possible interest to delay the situation is of the USAO. Neteller has nothing to win from the delay. The special comnpany to handle the payments is nothing but an extra expense for Neteller who can do that quite easily wiht no outside help.

Blame USAO!

I would bet that Neteller would ratehr say "that is how USAO wants", but amidst the negotiation with the bastards, they just did not wanted to blame them in public openely. The cited sentence is enough to those who know to read.

This is still going to take some patience on the part of US players, because the way I read the company statement on its neteller-group site is that it could take up to 75 days before Neteller announces a plan to distribute frozen funds to US players.

Quote: Per the agreements, the Group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers. Unquote

No explanation is offered for this extraordinarily long *planning* hiatus.

Another issue that strikes me is that yet again Neteller has not included in their statement what rate of interest has accrued on these funds....and who gets it. Over the past few weeks several enquiries addressed to the e-wallet on this important aspect have remained unanswered.

[frufrugirl]

Why not just unlock the accounts/reinstate for withdrawl only..allow withdrawl then reclose accounts? Tax man probably wants his cut, with a check there is a paper trail. Sigh

[Tester]

I would bet my ass they have the "moral" education in mind.
Let the gamblers suffer. How good that is...
Makes me remember the teachers whose faces were glowing in eternal happiness when we kids were suffering in some "educative" punishment.

Why not just unlock the accounts/reinstate for withdrawl only..allow withdrawl then reclose accounts? Tax man probably wants his cut, with a check there is a paper trail. Sigh

[sdaddy]

Any word on what happended at today's scheduled court date for the Neteller founders?

[Mousey]

I've been doing searches in the news all afternoon and haven't found a word about it... Maybe Jetset will have an update tonight.