More Neteller delays

[jetset]

AIM official response

THE CLOCK COULD BE TICKING FOR NETELLER


Stock Exchange regulations stipulate that suspension of shares cannot exceed six months


The Isle of Man e-wallet Neteller, which suspended its shares from trading on the London AIM Exchange earlier this year following the arrest of two of its founders and major shareholders could be faced with pressures of time due to stock exchange rule 41, which imposes a limit on the length of time shares can be suspended.

Answering a press enquiry from InfoPowa today, stock exchange officials said that the amount of time an AIM company's shares can continue to be suspended is governed by Rule 41 of the AIM Rules for Companies. This requires that "The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months."

Exchange officials also commented: "We would also like to note that during the period when the AIM company is suspended we would still expect it to meet its continuing obligations under the AIM Rules and therefore keep the market informed of any further developments concerning its position as required by the AIM Rule disclosure principles."

 

[Tester]

Neteller to tell us more?

NETeller management has been in contact with Gambling911.com over the last few days and plan on addressing key issues.

Let's hope they are realistically going to address us with what is up.

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[Forbin001]

I finally recieved a check from Neteller today....about a 5 week delay....better late than never

 

[dhayman]

I finally recieved a check from Neteller today....about a 5 week delay....better late than never

Are you saying that you got paid by check for an outstanding "pending" amount, and you are from NY ???

When was request put in, and how much was the check for, if you don't mind me asking ?????

 

[Tester]

Five weeks delay means he requested it about the 19th, just when the scandal began.

I finally recieved a check from Neteller today....about a 5 week delay....better late than never

Are you saying that you got paid by check for an outstanding "pending" amount, and you are from NY ???

When was request put in, and how much was the check for, if you don't mind me asking ?????

 

[oldandboring40]

thats great to know some one got paid. was it itemized for payroll deductions? .....sorry, couldnt help myself.

 

[jetset]

Neteller to tell us more?



Let's hope they are realistically going to address us with what is up.

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As a public company, and especially in the straits they find themselves at present, Neteller management will need to tread very carefully here, making sure that in this apparently exclusive arrangement they do not disclose anything material that has not already been publicly released.

If they breach that, they could find themselves trying to explain why to investors and stock exchange authorities.

The safest answer (assuming there is something material and new to disclose) would be to simultaneously release the new information in concert with the 911 interview.

Those caveats aside, any Neteller communication that expands our understanding and knowledge of this player-sensitive situation will be welcomed.

 

[spike38]

Neteller

I am also in NY and have two pending withdraws , one from the 16th and one from the 18th which still haven't been processed. Has anyone else been paid ? Any more details on your payment, Forbin ?

 

[johns1124]

I think someone is busting our chops. I have an EFT from 16th and its no where to be seen. If you go to neteller today it takes some seaching to find the US FAQ. They pretty well buried that think. Out of Sight, Our of Mind right neteller?

 

[Tester]

The US FAQ has a link from every page I saw (main page & sign in pages).
There is no huge banner for that as of now.

I am sure all US customers paid a visit to Neteller;s site over the last five weeks already. And there is a clear link for that. I do not think they have to put half a page of a banner for the FAQ forever.

 

[winbig]

The US FAQ has a link from every page I saw (main page & sign in pages).
There is no huge banner for that as of now.

I am sure all US customers paid a visit to Neteller;s site over the last five weeks already. And there is a clear link for that. I do not think they have to put half a page of a banner for the FAQ forever.

Yep, it's listed on the main page at the bottom (text link) "Important US member update"

But, please tell me, what the HELL is this crap (pic below)??? I thought they were having trouble paying ANYONE in USD?

Also:

How can I withdraw funds from my NETELLER account?

At this time, we are unable to provide US members with withdrawals. As a top priority, we are working to resolve all withdrawal issues. Please read this press release to learn more about the NETELLER withdrawal issues.

Sheesh.

 

[Tester]

But, please tell me, what the HELL is this crap (pic below)??? I thought they were having trouble paying ANYONE in USD?

You can still hold an account in USD with no problem.
There is a technical with checks & wires denominated in USD, cause they fear the US government will take hold on the funds (yes this is the stupid situation, the USAO have the ability to confiscate USD funds even outside the USA!).
But this is just a technical problem for the currency with whihc you get the money.

I guess this is just for wires and EFT, but checks still work. Not sure, though.

Link Removed ( Old/Invalid)

 

[sdaddy]

Gambling911 interview now online

NETeller Executives and Employees Give Gambling911 Lowdown

Thousands of US customers await monies from third party payment solutions firm NETeller, whose co-founders were indicted last month on various charges ranging from money laundering to racketeering.

An executive of NETeller, speaking on anonymity to Gambling911.com, stated that "no criminal action or proceeding has been brought against the company (NETeller), its current officers or directors."

This executive expressed how difficult it has been communicating the company's efforts during these trying times, especially as a publicly traded company.

"Being a public company, at this time we are restricted to what we can say publicly to any material facts that are issued to the market first via a press release," this individual told Gambling911.com.

He hoped to clear up any confusion related to the "necessary restructuring of our company, the growth and stability of our non-US business, how our US customers funds are protected, our desire and the process for repatriating their funds, and very importantly to us, the respect we hold for all our customers, whether affected by the recent events or not."

Gambling911.com awaited additional responses to addressed concerns.

Meanwhile, other high level employees within the NETeller organization told Gambling911.com that they are fully cooperating with the US Department of Justice.

"NETeller is cooperating with the DOJ, there's been three to four lawyers going through a few hundred boxes of files over the past couple of weeks," this employee stated. "When we try asking the lawyers what they were doing, all they would ever answer is 'Stuff'. They've been very eager to talk to those executives that are leaving I guess for fear they might disappear once they're gone this week."

The employee made reference to news traveling throughout the organization that a handful of high level executives were planning to leave NETeller by month's end.

"Why players haven't been paid when everyone else is... My only guess on this can be HSBC bank. They've been summoned by the DOJ from what I've read and not wanting to process US accounts. And any other processors are scared ****less to touch anything that is remotely close to NETeller/NT Services, probably fear of having the DOJ after them.

"All I keep hearing is they're (The DOJ) working on finding other processors'...good luck is all I can say. Call center has been slashed by 90%, and at most they have maybe 20 to 40 Customer Service reps left
with the company."

The employee further commented on the large number of threats coming into the NETeller office.

"But what's not helping anyone's situation is the individuals writing in threats... I totally understand their frustration, but (they) have to realize that the people on the other end of the phone & emails are helpless due to the company's actions. Some of the context of messages received would make you shake your head Chris... even the phone calls."

European, Canadian and some Asian clientele continue to use NETeller while well aware of the risks involved in doing so. Gambling911.com at this time considers use of NETeller by these individuals as a major risk right up there with ePassPorte.

Some naively point to the US Justice Department as the primary reason why customers in the United States cannot receive monies from NETeller at this time while overlooking the internal meltdown occurring within the third party payment processing firm.

Link:

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[REOdeathwagon]

The employee further commented on the large number of threats coming into the NETeller office.

"But what's not helping anyone's situation is the individuals writing in threats... I totally understand their frustration, but (they) have to realize that the people on the other end of the phone & emails are helpless due to the company's actions. Some of the context of messages received would make you shake your head Chris... even the phone calls."

I don't condone the threats, but this was kind of funny. It would just be nice if the threats actually reached the individuals, they are being directed at.

 

[Tester]

I can understand gambling911's stand to be cautionous.

In my view they are exaggerating.

They say that no bank want to process the transferrs to US clients. That is something more technical which I think will be resolved sooner or later via some procedure or bank. So far that the money is there, I see only a headache and very bad feeling, no evidence for any thought about not paying.

They give here a pretty convincing rational for Neteller lack of official announcements etc. for the stock market regulations that makes any announcement very problematic. Those who know a little about how technical public company are being dealt with nowadays will understand this much better.

And for threats, I can see only the DOJ eligible for any kind of cursing etc. I do not think they are being fair for the clients of Neteller.
OK. They think all US online gamblers are criminals, why should they care about them?? And this reminds me the days when having sex with no marriage would be considered unaccepted. You saw some lovers on the street in any kind of trouble, and you would shy away. They are "law breakers" aren't they?

Shame on you US hypocryte government!!!!

 

[jetset]

I don't see anything that is really new in this piece...and one has to be careful to distinguish between the first part, which appears to be an anonymous executive speaking and pretty much hewing to a line from company material already released, and the second bit which sounds more like a disgruntled retrenchee and still doesn't really tell us anything new or confirmed (other than the "local colour" description of lawyers pawing through boxes of papers provided by Neteller.)

It seems to me to be regurgitating stuff that is already reported (by 911 itself amongst others) in a different way.

I'm therefore not surprised that the editor forwarded a further list of questions to Neteller, and perhaps that will bring forth something more interesting providing Neteller also release it as a public company (as I commented in my earlier post on this aspect of Neteller communications.)

There is nothing to stop them from doing this - regular progress reports agreed with the stock exchange and perhaps even with the DoJ as the other party to these *talks* are not outside the bounds of possibility.

 

[Tester]

The only thing that makes me feel strange about the 911 report, is that in some intuitive sense I feel they have a very clear agenda against Neteller.

It feels like every piece of info that can be presented as negative is presented that way.

I hope I am not mistaken.

 

[Tester]

another article form gambling911

YouTeller Equals NETeller? Angry Customer Wants HSBC Held Accountable Too
Rumors have been spreading like wildfire that some of the folks behind YouTeller (an upcoming third party payment processor) are actually current and/or executives from NETeller, which may not bode well for any merchant and customer still owed money by NETeller.

While Gambling911.com has been unable to confirm these rumors, others within the industry insist this to be the case.

One operator, speaking on terms that he and his online gambling company remain anonymous, told Gambling911.com that other merchants have not yet received settlements from NETeller though the third party payment processing company claims funds have been sent via bank wire.

"I am also told, that all efforts these merchants have made to get a response from NETeller regarding their "missing" ( read NEVER SENT ) wires have been met with complete silence.

"We are also going through the same thing (as these other merchants).
I cannot speak for other operators, but our CEO is going to be in Europein
approx 10 days and has a meeting scheduled with the FSA to file a formal
complaint.

"He advises he is also going to be paying personal visits to several of the
remaining banks servicing NETeller to apprise them of the situation. He
expects they will sever relations with NETeller once these "correspondents"
realize the situation they are putting themselves in the middle of, and
potential liability this brings them."

And customers of NETeller have been growing increasingly impatient as well. Some are now threatening to take legal action.

One customer - We will call him 'Larry' to protect his identity - has now called upon his fellow online gamblers to rally and file a class action suit against NETeller and its executives.

"I am an avid reader of your site (Gambling911.com) and have been long before the fallout of the last month. As a NETeller account holder I appreciate the hammering of NETeller for not acting in good faith regarding its customers deposits. However, at this point, I am sick of reading articles about the company."

Larry goes on to suggest that customers should even consider taking legal action against HSBC, which had been conducting business with NETeller.

"No longer should NETeller be aloud to hide behind A governmental inquiry and allegations that HSBC has refused to do business with them. Why is no one talking class action lawsuit? these people have de-frauding innocent Americans. I think US account holders could potentially maintain several causes of action against both of these companies. HSBC has numerous assets in the United States and is publicly traded.

"The pressure from a large public lawsuit has the potential to get their attention, at the very least. We are talking about tens of millions of dollars here. Have these people lost their minds? I am sick of waiting and reading about what may happen in the future, I want to pursue suing these people in Federal Court. They cannot be allowed to skate like this."

The US Justice Department has subpoenaed a number of European banks, all of which have offices in the United States. These were banks alleged to have been instrumental in helping some online gambling firms to go public on the London Stock Exchange over the past two years. Some also conducted business with NETeller.

A Yahoo News Group has been set up by one player here to discuss NETeller issues

---

Christopher Costigan, Gambling911.com

Originally published February 25, 2007 4:11 pm ET

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[jetset]

In my personal opinion, that sounds to me like a frustrated operator trying to apply some parallel pressure to resolve his particular issue by going (anonymously) public with threats to lodge an FSA complaint (which he does not have to do in person whilst on an overseas trip btw)

 

[Tester]

In my personal opinion, that sounds to me like a frustrated operator trying to apply some parallel pressure to resolve his particular issue by going (anonymously) public with threats to lodge an FSA complaint (which he does not have to do in person whilst on an overseas trip btw)

Absolutely.

If Neteller would not be paying casinos, we would have hear that from several places.

 

[lojo]

No inference or aspersion to the referenced info portal, but another point altogether.
Don't forget the short sellers who have been laughing like hyena since the arrests. There is more than one agenda at play in the overall situation.

Nature note: Hyenas not only eat carion and work in packs to steal food at night; they also hunt by day in the cruelest fashion and will bite the hand that feeds them.

 

[casinocide]

hahahaha

Nature note: Hyenas not only eat carion and work in packs to steal food at night; they also hunt by day in the cruelest fashion and will bite the hand that feeds them.

LOL, that pretty much sums Wall St's MO. Speaking of some of our big-shot Manhattan friends, wouldn't it be funnier than hell if we found out Michael J Garcia had some Bahamian corporation of his short sell Neteller. That's what I would do if I were a Pig.

 

[lojo]

I imagine his motives are political and 'moral'. (Googled "Michael J. Garcia" curriculum vitae - for a random sample of his work) The USAID example stands out as 'moral' and his career path as 'political'. For the most part I assume he works what gets put on his plate.

Depending on developments between now and then ('then' being active trading if it ever lists again) I intend to do some legal gambling on this stock day trading (maybe use margins like bonus money? bwahahahaha)
It's too soon to tell what will happen, but I hope to be singin, 'swing looooow sweet chariot' then jump on for the ride of my life. Too soon to know and no disposable funds to play with right now.

Another song comes to mind if it works out, '...rocky mountain climbin, I did 4.7 million on a bull named NLR'

Here's to the American dream

 

[jetset]

NETELLER GETS NASTY...

LEAVE OUR NAME ALONE SAYS NETELLER


Cease and desist order served on newbie processor Youteller


Point spreads.com reports that Youteller.com, the nascent third party financial processor which launched recently (see previous InfoPowa reports) has attracted the legal wrath of embattled Neteller.com.

The gambling information portal reports that Neteller legal eagles have served a cease and desist order on Youteller, claiming that the newcomer is infringing on its registered trademark and believes that parent company Seed Capital's use of the YouTeller brand will cause consumer confusion.

NETeller has demanded that YouTeller respond in writing by March 5th, 2007 that it will comply with the cease and desist order.

Youteller has made a rocky start in the business, restricting membership and proving elusive in terms of full transparency and plainly inefficient in terms of communications.

"Please be patient until we have disclosed information about our partners and about poker sites that accept YouTeller.com as a payment option," commented Florian Schweitzer, the apparently sole publicly visible director of YouTeller, in an email response to an article which appeared on Point-Spreads.com last week.

Schweitzer went on to say, "Small e-money issuers are companies that have small payment transaction volumes. Our customers will not be able to transfer (or hold more money in their YouTeller account) than 150 (about 190 USD). Such businesses does not have a FSA register number like banks, insurance companies or "big" e-money issuers like neteller. Please ask the FSA directly for further information on FSA's register policy."

Based on Schweitzer's comments, it appears that YouTeller is only looking to take on poker sites as merchants. With limits of $190 USD, it does not appear that YouTeller will be able to replace NETeller anytime soon, opines Point Spreads with accuracy.

 

[vinylweatherman]

Youteller

Neteller are right about one thing, customer confusion. There are many rumours about there being a link between youteller and Neteller, and I expect Neteller are worried that anything going wrong at youteller will reflect badly on Neteller.
I am not entirely sure, but I don't believe there is such a thing as a "big e-money issuer" at the FSA. Last time I looked, Neteller had a "small E-money issuer" authorisation, with protection for up to 1,000 or so per account. Presumably, youteller has an even lesser level of protection.
Neteller need not be afraid of losing trade to youteller, with it's $190 limit. Only small players would be interested, and if youteller get stuck into the US all the better, as it will draw the attentions of the DoJ away from Neteller, which has ceased US business.

Currently, I would not go near youteller, too many unknowns, along with their own admission that "our servers can't cope" with more than 1000 members.