Neteller Confirms Funds Seized!

[Webzcas]

British payment processor NETeller said on Thursday that the United States Attorney's Office (USAO) had seized funds, stopping customers from accessing their money.

"The group has been advised that the USAO has obtained court-ordered seizure warrants seizing funds pertaining to the group's transactions," it said in a statement.

"The amount of funds seized by the USAO or otherwise restricted by third parties does not exceed $55 million," it added.

"As a result of the restrictions placed by third parties, court-ordered seizures, and related legal concerns, the group is currently unable to make payments to U.S. customers."

This just in on the Reuters Site.

Link

[Casinomeister]

The good news is that they are negotiating with the USAO to get US players paid.

http://www.casinomeister.com/forums/...tml#post146055

[kengam]

maybe Neteller can pitch a bitch on here and get Bryan to battle the USAO.

[Webzcas]

Will the USAO get tossed into the Rogue Pit?

Place your bets....

[spearmaster]

I've been bitching and moaning about the lack of public information for the last two days. I mentioned that every day without news is just another nail in their coffin.

Maybe it's just coincidence, I don't know. But finally, today...

http://www.neteller-group.com/press/en/124.htm

This is probably the source of Reuters' information.

[Webzcas]

It is. VWM posted the full PR in another thread

[EasyRhino]

Well, at least it's no more than $55 million.

It also looks like my payout experiences will be even worse with the US Attorney than with Crystal Palace.

[sdaddy]

Maybe I'll just deduct the amount seized from my Neteller account from my Federal tax payment this year and then we'll be even.

[vinylweatherman]

Maybe I'll just deduct the amount seized from my Neteller account from my Federal tax payment this year and then we'll be even.

Would that work?

Gambling winnings are taxable, so money lost to Neteller could be offset against gains in the legal B & M trade or horse racing tracks.

More interestingly, can gambling losses be offset against general taxable income?
Here in the UK, gambling is taxed by a levy on the companies involved, rather than on individuals. Since the house always wins in the long term, this seems a far more sensible approach than taxing individuals, who always lose in the long term.

I have just watched a documentary about Las Vegas, where one high roller "won" $5000 on a slot, and stated "that's $3,500 after tax" - what a rip off!!!!
When I visited I heard that wins over $1,000 had to be logged by an attendant, and a tax form filled in. As I only played the 1c and 5c a line slots, this was never a problem for me
A Royal Flush might have been different, yielding an exact $1000 (or even $2000/$4000 if I played after a couple of drinks

At least Manchester is closer

[lojo]

Sadly you can only write losses off up to your winnings, not to offset income. $1200 in one hit is where the attendant hands you a pen if I remember right. But it is possible to make 400 here, 200 there, etc. and walk out with much more.

(Not to complicate it, but its just an itemization, we aren't actually taxed on the winning directly, but as part of overall income. If I end up in the 30% bracket, then indeed, 'that's $3500 after taxes )