Neteller Confirms Funds Seized!

[sdaddy]

So, are you seriously suggesting that US players who's funds are frozen (and for that matter all Neteller clients because this is a policy that could impact on them too in different circumstances) are not entitled to know:

1) What rate of interest is applied to their frozen funds in the Neteller trust account, and who is entitled to it and

2) Simple administrative information on the trustees of the fund ie whether Neteller execs have sole control or whether it is a shared responsibility or a Neteller-exclusive responsibility involving independent trustees.

?

I agree these are perfectly valid questions to pursue and I appreciate your efforts in that regard. If anything, this puts Neteller on notice that there will be close scrutiny of its handling of the US customers frozen funds until this matter is resolved.

 

[Tester]

So, are you seriously suggesting that US players who's funds are frozen (and for that matter all Neteller clients because this is a policy that could impact on them too in different circumstances) are not entitled to know:

1) What rate of interest is applied to their frozen funds in the Neteller trust account, and who is entitled to it and

2) Simple administrative information on the trustees of the fund ie whether Neteller execs have sole control or whether it is a shared responsibility or a Neteller-exclusive responsibility involving independent trustees.

?

1) The interest rate is an easy guess. Trust funds are usually in government bonds. whihc means about 4% yearly and about 0.08% weekly.

2) This second question has to be answered. Period. I cannot see how answering it would cause any damage. Althought I guess Neteller's execs are in a state of panic - fearing their own shadows.

I think that if they would have not been in such a state of shock, they would have not given up that quickly. They could have continue to provide service to US citizens, and stop the service only on the condition that they get what they want in the deal with the US government. giving up upfront does not seem a good negotiation tactic.

 

[footdr]

DOJ'S NETELLER INVESTIGATION SPELLS TROUBLE

this is part of the information filed in DOJ case against neteller. Doesn't look good for U.S. Residents having accounts wiht Neteller.THE BIG INFORMATION HERE IS THE NOT ONLY DOES THE DOJ HAVE NETELLERS FINANCIAL RECORDS THEY HAVE THE AUTOMATED CLEARING HOUSE RECORDS THAT SHOW INDIVIDUAL U.S. BANK ACCOUNT TRANSACTIONS. THATS BAD

"subpoena from the US Bank demonstrate that, from in or about March2006 up to and including in or about April 2006, a total ofapproximately $50 million was transferred from an account in thename of the Payment Company at the US Bank in the United States toan account in the name of Cardload Inc. at National Bank of Canadain Calgary, Alberta, Canada. Neteller PLCs 2004 annual reportstates that Cardload Inc. is a wholly-owned subsidiary of Neteller
Records of automated clearinghouse (ACH)transactions obtained pursuant to subpoena from an automatedclearinghouse located in the United States demonstrate thatNeteller processes a significant amount of customer transactionsthrough the automated clearinghouse system, including transactionsfrom customers in Manhattan. The ACH system permits Neteller tohandle internet-based customer transactions. These records furtherdemonstrate that Neteller uses a payment service company (thePayment Company) to conduct its customers ACH transactions inthe name of the Payment Company. By doing so, Neteller PLCconceals the nature of these financial transactions. The PaymentCompany receives funds in the United States on behalf of NetellerPLC, and then transfers the funds out of the United States toaccounts controlled by Neteller PLC in Canada.b.Records of wire transfers obtained pursuant tosubpoena from a bank in the United States (the US Bank)demonstrate that, from in or about January 2006 up to and includingin or about March 2006, a total of approximately $98 million wastransferred by wire from an account in the name of the PaymentCompany at the US Bank in the United States to an account in thename of JSL Systems Inc. at National Bank of Canada in Calgary,Alberta, Canada. --------------------------------------------------------------------------------

 

[jetset]

I agree these are perfectly valid questions to pursue and I appreciate your efforts in that regard. If anything, this puts Neteller on notice that there will be close scrutiny of its handling of the US customers frozen funds until this matter is resolved.

Alas, it does not appear that Neteller has any intention of responding to this simple request for fundamental information, and for the first time that seriously dents my personal confidence in this company, which I have previously respected.

Tester, I prefer specific answers to straightforward questions - not speculation based on what other funds usually do.

In times of crisis such as this, the worst thing a company can do is screw up its communications with non-responsive behaviour on the part of its spokespersons.

At the moment it appears to me that Neteller is intent on appeasing the US enforcers....it perhaps needs to remember that circumstances can change and it may one day want the US clientele back.