More Neteller delays

[GrandMaster]

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.

There are e-money issuers, which are authorised and regulated by the FSA, and there are small e-money issuers, e.g., Youteller, which have a certificate that they are exempt from regulation.

 

[lojo]

I haven't "whois'd" for longevity or trademark searched, but I use a US bank that uses neTTeller

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Maybe NLR needs to leave the name alone?

But NLR would have a field day with the seed capital duplicate listing I suppose.

 

[EasyRhino]

I work in the banking industry, and actually saw a recent press release emphasizing that that product (Neteller Memberconnect Web) has no relation to the UK Neteller, which we all know and love.

 

[lojo]

I work in the banking industry, and actually saw a recent press release emphasizing that that product (Neteller Memberconnect Web) has no relation to the UK Neteller, which we all know and love.

It just gets weirder and weirder all the time.

 

[jetset]

NETELLER ENGAGES HIGH POWERED U.S. LAWYERS


With plenty at stake, Ise of Man e-wallet hires the world's biggest legal firm


Neteller is starting to show some public signs of mettle after weeks of being perceived as allowing the U.S. Department of Justice to stomp all over it despite its Isle of Man registration as a financial institution and UK stock market positioning.

According to a news report in Legal Week, the British e-wallet has hired the professional services of Clifford Chance - arguably the world's biggest law firm.

LW reports that the legal company now has teams in both New York and the British Isles working on the Neteller-U.S. DoJ issue, which started in January when the American authorities arrested two Canadian founding fathers of Neteller in the States, despite the fact that these individuals no longer held any executive positions of authority with the company.

The two men have yet to be brought to trial, but the arrests triggered an immediate and what is widely perceived to be unnecessarily subservient reaction from Neteller, which barred US transactions to online gambling sites and froze the accounts of US players. Later reports suggested that the e-wallet was cooperating fully with visiting Department of Justice officials. The company also suspended trading in its shares on the London AIM market, a situation still pertaining.

Legal Week reports that John Carroll and Warren Feldman will be NETeller's counsel in the United States, with David Lewis and Jenine Hulsmann working on the case on the other side of the Atlantic in the UK.

The head of enforcement at Clifford Chance, Carlos Conceicao will counsel Neteller on Financial Services Authority matters.

 

[Mousey]

Neteller is starting to show some public signs of mettle after weeks of being perceived as allowing the U.S. Department of Justice to stomp all over it despite its Isle of Man registration as a financial institution and UK stock market positioning.

According to a news report in Legal Week, the British e-wallet has hired the professional services of Clifford Chance - arguably the world's biggest law firm.

I hope they've grown some balls, and I hope it's not too late.

 

[tennis_balls]

anyone know a lawyer who will work on retainer to release my $15?

 

[sdaddy]

Another Continuance?

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NETeller: Government Will Ask for Another Continuance Friday

Sources close to Gambling911.com have told us that the US government will ask for another extension during Friday's control hearing involving NETeller co-founders Stephen Lawrence and John LeFebvre. So far the matter has been rescheduled twice.

Speculation that the government could drop its case against NETeller was strong enough Wednesday and Thursday to boost online gaming stocks Wednesday.

The court clerk's office told Gambling911.com on Thursday afternoon that "The government is going to get another continuance tomorrow (Friday)."

It was not clear if the proposed extension would be granted by the court.

 

[Mousey]

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NETeller: Government Will Ask for Another Continuance Friday

.......
The court clerk's office told Gambling911.com on Thursday afternoon that "The government is going to get another continuance tomorrow (Friday)."

It was not clear if the proposed extension would be granted by the court.

I'd think if I were NETeller, their stockholders, US players who have money tied up in NETeller, and especially Stephen Lawrence and John LeFebvre, I'd take great exception to these blatant stall tactics by the US DoJ. The DoJ clearly intend to abuse and insult our justice system (as if they haven't already).

 

[Tester]

I'd think if I were NETeller, their stockholders, US players who have money tied up in NETeller, and especially Stephen Lawrence and John LeFebvre, I'd take great exception to these blatant stall tactics by the US DoJ. The DoJ clearly intend to abuse and insult our justice system (as if they haven't already).

Both sides may have interest in a delay when there is a negotiation.
Remember that a settlement may also be inthe interst of Neteler and the two executives.

 

[Simmo!]

Postponed:

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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:

Link Removed ( Old/Invalid)

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

 

[rhump]

Link Removed (Old/Invalid)

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 Attorneys 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 Groups current financial condition.

We continue to be committed to returning funds to our US customers and working with the US Attorneys 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 USAOs 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 Exchanges 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]

Should be simple.

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.

 

[rhump]

All I found was this:

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NETeller Case Postponed
16-03-07

It has been reported that the US Government has delayed the NETeller hearing. Co-founders Stephen Lawrence and John LeFebvre, were arrested on a charge of conspiracy to transfer funds with the intent to promote illegal gambling.

Rumours that the case could be dropped boosted online gaming stocks recently, and this delay may be a response to recent activity from lobbyists.

The continuance also prevents the release of evidence, namely money from US customers. The NETeller Customer Coalition, based on Yahoo!, is a discussion/pressure/information group with roughly 250 members. They have over $750,000 frozen, with more than a dozen individuals suffering for over $20,000.

PokerPages quotes coalition founder Goldstein as saying that, 'These are the kinds of figures that can keep a killer legal team motivated.' He also pointed out that 'there's still thousands of other NETeller customers who don't know about us.' Despite a lack of presence in the media, word of mouth is brining 30 40 new members daily.

Goldstein is angered by both the Governments stance and NETellers passivity. PokerNews quoted Goldstein as saying that, Between NETeller and the DOJ, thousands of citizens who have done nothing wrong have millions of dollars being confiscated without any real explanation or means of resolution.

 

[sdaddy]

All I found was this:

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That article is on last month's hearing.

 

[lots0]

From what I hear the hearing has been rescheduled for May 16, 2007.

I have no verification of this at this time.

 

[sdaddy]

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is now confirming the rescheduling to May 16th.

NETeller Co-Founders Hearing Now Postponed Until May 16
Christopher Costigan, Gambling911.com
Originally published April 18, 2007

Peter Neiman, lawyer for NETeller co-founder Stephen Lawrence, has advised that another continuance is now scheduled for May 16 to determine if both his client and another founder, John Lefebrve, will be indicted by the US government.

This would mark the fourth time in so many months that a continuance has been granted in this case.

Games and Casino spoke with Mr. Neiman Wednesday, who confirmed the extension to May 16.

Rumors abound of an April 27 rescheduling, but the May 16 date makes the waiting even longer.

Both Lawrence and Lefebrve were arrested in mid-January and charged with racketeering and money laundering for their role as founders of third party payment processor, NETeller. The US government argues that NETeller worked almost exclusively within the online gambling industry.

The online gambling industry was hopeful that a positive outcome in this matter would help boost morale, not to mention gaming shares.