Neteller - New News!

[propplayer]

from
http://www.egrmagazine.com/item/1683

Neteller and Sportingbet NEWS ALERT

Neteller has announced it has signed an agreement with the US authorities for the transfer of funds back to its US customers. The company hopes the process will be completed within 75 days.
Meanwhile, Sportingbet has announced it has reached an “amicable resolution” with the St Landry district attorney in Louisiana. In a statement to the London Stock Exchange this morning, the company said all related warrants issued by the Louisiana state police have been cancelled with immediate effect. “Both Sportingbet and the St Landry district attorney now consider the matter closed,” the statement added.
Neteller’s deal with the US Attorney’s Office (USAO) for the Southern District of New York and a company called Navigant Consulting means the company now has an outline of terms and timeline for the orderly distribution of funds. Navigant will also provide a report to the USAO on Neteller’s current financial position.
Neteller said it continues to cooperate with the US authorities. The company has been in discussions ever since it exited the US market following the arrest of ex-directors and founders Stephen Lawrence and John Lefebvre.
Ron Martin, group president and chief executive of Neteller, said: “We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office. Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”
Sportingbet’s problems with Louisiana began when the company’s ex-chairman Peter Dicks was arrested on a warrant from the state last year. Dicks was eventually freed by a New York court.


http://www.egrmagazine.com/item/1683

 

[lander]

From NETeller http://www.neteller-group.com/press/en/126.htm -

Press Release

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 Attorney’s 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 Group’s current financial condition.
“We continue to be committed to returning funds to our US customers and working with the US Attorney’s 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 USAO’s 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 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

 

[CaptainBone]

This is excellent news for those who thought they may never see their money again.

 

[SENDITIN]

Great way to start the day! I guess the devil will be in the details. Note what they said.

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.

It still could be a while as they've given themselves another 2 1/2 months just to announce a plan to return the money. Sounds like there will be some strings attached.

 

[WVU]

Thank God. Best news I have heard this year.

 

[patswin]

Good to hear everyone will be getting their funds back

 

[Brock Landers]

Thank God. Best news I have heard this year.

For you personally though, i thought you were not using neteller at all for some time, so you shouldn't have had cash tied up there right? Good news for everyone else though!

 

[Anti-liberal]

We're dancing in the streets here in Orlando!

 

[zone136]

This makes waking up 2 hours early worth it.

 

[GREENHEAD]

For you personally though, i thought you were not using neteller at all for some time, so you shouldn't have had cash tied up there right? Good news for everyone else though!

He has clearly stated they owe him LOTS of money still.

GREAT news for everyone involved.Maybe we will get it before the BASH.

 

[doda]

still why should it take 75 days to figure out a plan to pay customers?

 

[SENDITIN]

still why should it take 75 days to figure out a plan to pay customers?


I suspect they are not done with all of the "forensic" accounting. They also did NOT say that people would be paid in full. It just said they will be coming up with a plan to pay customers...it could still be a long wait to see some cash. There's a lot of banter about tax issues on some of the other forums. My own gut feel is that most gamblers are losers...i.e. a lot more payouts versus payins. But those who were big winners may have issues. I also strongly feel they are looking for any large amounts being laundered from illegal activities (drugs,terrorism,etc.) and are less worried about people who are just using neteller to gamble with. Would love to hear some other opinions on this issue.

 

[tkf18ny]

It is good news, but Im not waiting 75 days to hear they have a plan theyll implement in 6 months (not to mention everytime frame ive heard before has been bullshit)
Im still going thru with my plan to set up Canadian residency and getting my money out

 

[xpanda]

It is good news, but Im not waiting 75 days to hear they have a plan theyll implement in 6 months (not to mention everytime frame ive heard before has been bullshit)
Im still going thru with my plan to set up Canadian residency and getting my money out

How do you plan to get your money out? You can't do peer to peer transfers anymore...

 

[Actionbrett]

If he gains residence in Canada he is no longer a US client of netellers, therefore can request his payout by check, EFT etc.

 

[xpanda]

But the money in his US account is still frozen, no? My understanding was that Canadian residency allowed you to open a new account that you could use, but did nothing to restore teh funds in your original Yankee account. Guess I was wrong.

 

[sean1]

The gov is doing two things with its forensic accounting.

1. Deciding on the fine to give to neteller.

2. Looking for large (6+ figure) transactions for terrorists and drug money, women trafficking, etc.. If you have big transactions and no money to sportsbooks, you have a problem.

Neteller was by far the biggest worldwide mover of anonymous funds. The US may care little about gambling, but they care a lot about anonymous banking. It would not surprise me in the least if the US forgoes a fine of Neteller if Neteller agrees to let the US check out accounts outside the US forever....

Poor Lawrence and Lefevre - kidnapped and extorted.
Sean

 

[lander]

How could you make a 6 figure tranfer to a terrorist if the only merchants were sportsbook? Did P-2-P allow for large amounts to be transfered too?

Not a loaded question Sean1, just trying to make sense of the "forensic accounting" bit like everyone else. I'd have guessed it was IRS related -- lots of headlines about the IRS trying to recoup "tax debt."

Somebody has to pay for the base to war-profitteer.

 

[dougconnection]

i'll be happy if i see 5% of my money

 

[WVU]

For you personally though, i thought you were not using neteller at all for some time, so you shouldn't have had cash tied up there right? Good news for everyone else though!

I wish. I pulled most of my Neteller money out in November. They still have 70k.