FBI & Neteller (news article)

[Reef]

From USA today

link (http://www.usatoday.com/tech/news/2007-02-01-net-betting-crackdown_x.htm?csp=34)

"FBI Agent Neil Donovan says funds from Neteller are being held in court as potential evidence. Some customers may get their money back, but he did not provide a timetable."

[Uglyowl]

[ QUOTE ]
FBI Agent Neil Donovan says funds from Neteller are being held in court as potential evidence. Some customers may get their money back, but he did not provide a timetable.

[/ QUOTE ]

This is absolutely shocking to me if true. I take this more as a scare tactic than anything, but it goes to show that you should NEVER keep too much money in one place. Not that I expect any specific poker site to get hit up, but run the scenario of “what if x site gets shutdown and your money gets frozen for a year or lost?” and act accordingly.

I can’t wait til Bush and his administration are gone. The laws are allegedly in the name of protecting American citizens and they are putting the screws to the people who hired him and pay his salary.

[okietalker]

From USA Today article: "FBI Agent Neil Donovan says funds from Neteller are being held in court as potential evidence. Some customers may get their money back, but he did not provide a timetable."



Wow, Is/Can this be true? Someone with knowledge of these types of laws please chime in. Has our Govt. seized the funds of its own citizens from an international bank? This just doesnt seem to be possible.

I'm probably being very naive though.

[Uglyowl]

I really thought this would have more discussion. I would like to hear from people with knowledge in this area their thoughts.

[DING-DONG YO]

just abso-freaking lutely amazing. This country feels more like China every day.

[Wynton]

[ QUOTE ]
I really thought this would have more discussion. I would like to hear from people with knowledge in this area their thoughts.

[/ QUOTE ]

My first reaction is skepticism, actually. If Neteller funds had been seized, I think we would have heard about it a lot more clearly by now.

[bossplayer]

I think maybe (hopefully) the writer got things confused and lumped in Neteller here with the betonsports funds.....

[adanthar]

[ QUOTE ]
I think maybe (hopefully) the writer got things confused and lumped in Neteller here with the betonsports funds.....

[/ QUOTE ]

that is what I'm thinking, because if true, the funds would have really been frozen and/or P2P would've been *reversed*, not stopped.

[bossplayer]

I have been a lurker here for years, actually have posted here before but forgot my login details. I can contribute, but this is so messed up.... do you really want me to 'contribute'. If so, look at this link.... http://www.capitalhq.com/modules.php?name=Content&pa=showpage&pid=54
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Recognize who this is from the article? Mother effing POS

[Skallagrim]

It would be highly unlikely that the DOJ is holding any Neteller money at this time (not impossible - a lot of things can happen in secret). The reason for this is that Neteller has not been charged/indicted, only its two founders. A seizure can occur prior to a charge, but that would require a public document/warrant, notice of zseizure, etc. In this case, notice of such a seizure would have to eventually be published so people could make claims about the money. Thus I agree that the FBI agent was probably just referring to the betonsports litigation and any money seized as part of that pending case. Key word is probably, but if they are holding Netller/US citizen money as potential evidence, that wont be a secret for long.

[LuckyTxGuy]

[ QUOTE ]
I can’t wait til Bush and his administration are gone. The laws are allegedly in the name of protecting American citizens and they are putting the screws to the people who hired him and pay his salary.

[/ QUOTE ]

I don't like it any more than you do, but I can't, for the life of me, figure out how Bush has anything to do with online gambling and Neteller. Sure a couple rouge Republicans pushed this crappy law through during the dark of night but the whole online gambling/poker issue was not a hot topic with conservatives. If GW was really wanting to pander to his conservative base, he'd be down on the border helping build a 20 ft tall fence between the US and Mexico.

As for the actual topic at hand, I can't imagine that the FBI has actually taken control of Neteller's funds. Seems hard to believe.... I also agree with you Ulgyowl that the whole Neteller debacle is a good reason to never keep too much money in a place like Neteller.

[Dusseldorf]

It looks like we don't necessarily trust the USA Today article... Why haven't we heard anything from some of the other press?

[adanthar]

I trust it, it just conflates the two cases. BOS funds are in fact frozen. Neteller funds aren't (they weren't in the US so how would the *FBI* seize them...why are random Europeans with USD accounts screwed...why is a US citizen in Canada unaffected...etc), but this is a hard distinction to get across and nobody except the people directly affected knows or cares about the difference.

[bossplayer]

Let me elaborate. Funds from neteller (deposited into the Sportsbetting site) were seized.

[Uglyowl]

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Let me elaborate. Funds from neteller (deposited into the Sportsbetting site) were seized.

[/ QUOTE ]

That makes sense, thanks. Very misleading statement… probably a case of the truth getting in the way of a good story

[HajiShirazu]

[ QUOTE ]
just abso-freaking lutely amazing. This country feels more like China every day.

[/ QUOTE ]
Chinese people have way more freedoms than Americans nowadays. The only time it would be worse to be Chinese government-wise is if you did something really wrong.

[Grisgra]

[ QUOTE ]
[ QUOTE ]
just abso-freaking lutely amazing. This country feels more like China every day.

[/ QUOTE ]
Chinese people have way more freedoms than Americans nowadays. The only time it would be worse to be Chinese government-wise is if you did something really wrong.

[/ QUOTE ]

Way, way more freedoms. Well, those trying to Google the word "Freedom" in China will find their search blocked, but that's neither here nor there.

[Quanah Parker]

[ QUOTE ]
I have been a lurker here for years, actually have posted here before but forgot my login details. I can contribute, but this is so messed up.... do you really want me to 'contribute'. If so, look at this link.... http://www.capitalhq.com/modules.php?name=Content&pa=showpage&pid=54
Paragraph 3

Recognize who this is from the article? Mother effing POS

[/ QUOTE ]

from the USA 2day " "The truth is that the money is in limbo and the companies are not required to refund any money until a successful prosecution or settlement takes place," says Michael Tew, principal of gaming consultant CapitalHQ. "This could take years." Funds from other gambling sites are not tied up, Tew and others say."

and from the quoted link:
"Mr. Tew is on the Editorial Board of Casino Enterprise Management, a gaming industry trade magazine, and the Gaming Law Review, a legal resource for gaming industry professionals."

Plus, the chart of estimated poker money per year comes from Tew's company.

So what's his role in all this?

It would appear he's had a heavy hand in the writing of this article.

What are HIS motivations/interests?

It certainly appears the USA 2day article and particularly his qoute are of the doom and gloom variety. Why?

[bossplayer]

Look at some of the other management also. All have had connections with what seems to be some of the 'higher ups' in the government.