More Neteller BS

[vinylweatherman]

Originally Posted by pokerpal

Laundering:The illegal practice of moving cash through a variety of financial vehicles to hide its source under a long trail of transactions and placements.

The DOJ sees P2P as laundering. Use some common sense.

If that is the case, then peer to peer is laundering irrespective of country. This would imply that Neteller don't worry that peer to peer can be used for laundering in other countries; besides only certified accounts can use peer to peer, which means Neteller know exactly who the source and recipient accounts belong to, so all paths are traceable.

Neteller are doing their best to be unhelpful, as one player who asked for a list of non-gaming merchants was told to try Google (as though Neteller had no idea who it's own merchants were).
My theory is that Neteller are wanting the money trapped for the present, as this in some way is beneficial to them in the short term. When they are good and ready, they will make an announcement as to what is going to happen. What is forgotten is that the money tied up is NOT stolen, it belongs to the account holders, and current behavoiur is in stark contrast to the advice given to customers who claim to have had their Neteller funds removed by fraudsters - Neteller then claimed that there was nothing they could have done, and it was the users fault for allowing their logon details to leak, and where money had already gone Neteller denied it could do much about recovery from even a MERCHANT. Now, all of a sudden, they can put whatever blocks and checks on account activity they can think up pretty much instantly - so much for being "unable to......".

I am certain that when the full story is known, it will prove that some customers were deliberately mislead in an effort to either prevent them taking a course of action early enough, or to influence them into taking a course of action that made things easier for Neteller.

[pokerpal]

Well my friends and I have been using netteller for years on other sites too heres one. http://www.paybycash.com/options/index.php

[pokerpal]

Originally Posted by vinylweatherman

If that is the case, then peer to peer is laundering irrespective of country. This would imply that Neteller don't worry that peer to peer can be used for laundering in other countries; besides only certified accounts can use peer to peer, which means Neteller know exactly who the source and recipient accounts belong to, so all paths are traceable.

Neteller are doing their best to be unhelpful, as one player who asked for a list of non-gaming merchants was told to try Google (as though Neteller had no idea who it's own merchants were).
My theory is that Neteller are wanting the money trapped for the present, as this in some way is beneficial to them in the short term. When they are good and ready, they will make an announcement as to what is going to happen. What is forgotten is that the money tied up is NOT stolen, it belongs to the account holders, and current behavoiur is in stark contrast to the advice given to customers who claim to have had their Neteller funds removed by fraudsters - Neteller then claimed that there was nothing they could have done, and it was the users fault for allowing their logon details to leak, and where money had already gone Neteller denied it could do much about recovery from even a MERCHANT. Now, all of a sudden, they can put whatever blocks and checks on account activity they can think up pretty much instantly - so much for being "unable to......".

I am certain that when the full story is known, it will prove that some customers were deliberately mislead in an effort to either prevent them taking a course of action early enough, or to influence them into taking a course of action that made things easier for Neteller.

In regard to the peer to peer thing. Essentially the netteller facility would be used to assist members to transfer funds to non american member then that member would post it to the casino/poker site and put it under the US members name again. Things like this would p|ss off the DOJ. My guess the reason they cannot share info on merchants is due to the fact that its favouring one merchant over the other, perhaps it was some agreement that they have with all the merchants, who knows. Im sure this was a long standing rule. The US government is powerful I sure wouldnt mess with it. As I have said before, the DOJ is doing a great job at killing a good service's credibility. For years I have been hearing netteller offers top notch service until all this crap starting going down when the bill got signed, and firepay left the US market. Im sure phishing had alot to do with accounts being hacked, just like the many paypal and bank email reminders advising me to click on links and "verify info".

[cyprean]

Originally Posted by vinylweatherman

This is affecting MY withdrawal to a UK bank. I was promised last Saturday that it would be sorted in 2 business days (now passed). This follows on from the promise on Friday that it would be sorted on Friday!
They have now breached the promise a second time. They are having trouble processing ANY payment request, and have trouble even keeping promises made to non-US customers that they need not worry about being seriously impacted.
I consider £6000 trapped like it was $6000 for a week "seriously impacted". They cannot claim it is down to processors on this. It seems that non-US customers are heading for the exact same delays as US customers.

I feel you. The same thing happened to me and I received an e-mail in about weeks time that my withdrawal could not be processed as they were having some unspecified "problems". How can a regulated institution do this? Wouldnt this be against set rules and there should be a penalty?

[wangpoker]

Did any non-us player withdraw from Neteller this week? My overnight check on Monday hasn't been processed.

I am worried about my money after I read this news.
http://www.guardian.co.uk/gambling/s...006708,00.html

If Neteller doesn't process my withdrawal this week, I will cancel it and transfer it to my pokerstars account.

[wangpoker]

Dear Mr. XXX,

If the cheque was sent out in USD that is the reason why you have not received it. As of January 30th, all Canadian USD cheque requests will not go through. Therefore it would be advised if you can either, withdrawal using the NETeller card or initiate an EFT withdrawal back into your bank account.

Please confirm whether it was a USD cheque that was sent out or whether you would like it cancelled.

Regards,

M*** I****
Account Representative

VIP Member Services

NETELLER
Toll Free: 877 288 4545
Local: 403 233 9466
Fax: 877 384 7329


I am very .... sad to get this news.
The neteller exchange rate is no good and neteller takes extra 1.9% processing fee.

It's bs.

[pokerpal]

Hmmm from what I am reading on other forums it appears nothing that is linked to US dollars can come from netteller, or go to netteller. Must be some type of restriction placed by the some type of authority.

[tennis_balls]

we all need to chill!

i'm certain there is a perfectly logical explanation Attachment 5318 for the delay in payouts.

[rhump]

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

8 February 2007 - NETELLER Plc (LSE: NLR), the leading global independent online money transfer business, today issued the following update with regard to its US business and criminal charges against two of its founders.

On 19 January 2007, at the request of the Group, the Group’s legal advisers met with representatives of the United States Attorney’s Office for the Southern District of New York (“USAO”) to clarify the Group’s position with respect to the complaints brought on 16 January 2007 against two of the Group’s founders, Mr. Stephen Lawrence and Mr. John Lefebvre. Neither are current employees or directors of NETELLER. In that meeting, the Group pledged to cooperate with the USAO, indicated it was prepared to begin document production promptly and discussed a potential mechanism for arranging an orderly repayment of funds to US customers.

The discussions between the Group’s legal advisers and the USAO are ongoing. The Group is, under advice of its legal advisers, commencing production of documents and intends to cooperate with the USAO in its investigation.

Following upon the complaints dated 16 January 2007, banks in the US began declining to permit transactions involving the Group through accounts maintained at one or more automated clearinghouses in the United States. Additionally, the Group has been advised that the USAO has obtained court-ordered seizure warrants seizing funds pertaining to the Group’s transactions. To the best of the Group’s knowledge, it believes that the amount of funds seized by the USAO or otherwise restricted by third parties does not exceed US$ 55 million. These funds were largely in the process of being transferred from the Group to its US customers or vice versa.

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 US customers. Nevertheless, the Group is in discussions with the USAO to manage an orderly return of funds to US customers. As part of these discussions, it is contemplated that the USAO will engage a forensic accounting firm, at the Group’s expense, to assist in this process and to examine the Group’s financial position. “The return of funds to our US customers is a top priority for NETELLER” said Ron Martin, Group President and CEO. US customers wishing to withdraw funds from their NETELLER e-wallet accounts will experience ongoing delays while these discussions continue, and a further update will be provided by the Group once effective repayment mechanisms are determined.

To the Group’s knowledge, no criminal action or proceeding has been brought against the Group, its current officers or directors by the USAO. Nevertheless, there can be no assurance that the Group will not be charged in a criminal action at some subsequent time. The Group intends to work with the USAO to seek a negotiated resolution of any allegations relating to its US activities. Any resolution of this matter may lead to potential sanctions against the Group including material financial penalties, fines and forfeitures.

It is emphasized that in line with the Group’s standard business practices for all customers, funds held by the Group for US customers are held in segregated trust accounts. The Group’s own cash position remains strong and the Group currently has sufficient working capital to fund all its customers’ balances as well as ongoing requirements of the business.

NETELLER remains committed to developing its business in line with its stated strategic objectives including geographical and product diversification for all markets. The Group will focus on its continuing business and the opportunities available in the growing markets of Europe, Asia and the Americas outside of the United States. Since the Group’s withdrawal from the US market on 18 January 2007, average daily new account sign-ups of new customers from non-US markets has been around 1,400. This compares to average daily sign ups of 3,303 for the year to 31 December 2006. Daily fee revenue since 18 January 2007 has averaged over US$ 200,000 per day (excluding any revenues from Netbanx, 1-Pay and interest income). These metrics demonstrate the resilience of the Group's ongoing business. NETELLER customers not resident in the US continue to be minimally affected by this withdrawal from the US market.

In view of the continuing uncertainty, the Group's shares will continue to be suspended from trading on AIM for the time being. Further announcements will be made as appropriate.


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

[Casinomeister]

Finally - some concrete explanations.