USA Today article - Neteller
 

http://www.usatoday.com/tech/news/20...n_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.

Re: USA Today article - Neteller
 

Dammit. [img]/images/graemlins/frown.gif[/img]

Re: USA Today article - Neteller
 

wow

Re: USA Today article - Neteller
 

lol, donkaments.


I mean, OH [censored]. [img]/images/graemlins/crazy.gif[/img]

Re: USA Today article - Neteller
 

My high school newsletter had higher reporting standards than USAToday.

This is a non-event.
(but cue the inevitable adolescent hysterics anyway)

Re: USA Today article - Neteller
 

This has gone WAY to far than I ever thought...

Re: USA Today article - Neteller
 

atleast people can stop blaming neteller now.

Re: USA Today article - Neteller
 

[ QUOTE ]
This has gone WAY to far than I ever thought...

[/ QUOTE ]

hmm??

Re: USA Today article - Neteller
 

Well that sucks, which way is Canada again?

Re: USA Today article - Neteller
 

It sounds alarming, but "funds" could mean a little or a lot.

Re: USA Today article - Neteller
 

[ QUOTE ]
My high school newsletter had higher reporting standards than USAToday.

This is a non-event.
(but cue the inevitable adolescent hysterics anyway)

[/ QUOTE ]


WTF do USA Today's standards have to do with this? THEY QUOTED AN FBI AGENT. Are you telling me this is not significant news, particularly to those of us with substantial funds stuck in Neteller?

Re: USA Today article - Neteller
 

[ QUOTE ]
Still, the actions against BetOnSports and Neteller have left the online accounts of their U.S. customers frozen until legal issues are resolved.

"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.

[/ QUOTE ]

I believe this means money cashed out from BetOnSports to Neteller is tied up, not money from any other source.

Re: USA Today article - Neteller
 

Has Neteller even been charged with something? I thought only the 2 founders who's only ties to Neteller now is owning stock were arrested/served something. The article is a joke, but so is the US Government. I am happy I got my money out of Neteller, all of it except for $1 stuck on my debit card.

-Brendan

Re: USA Today article - Neteller
 

[ QUOTE ]
[ QUOTE ]
Still, the actions against BetOnSports and Neteller have left the online accounts of their U.S. customers frozen until legal issues are resolved.

"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.

[/ QUOTE ]

I believe this means money cashed out from BetOnSports to Neteller is tied up, not money from any other source.

[/ QUOTE ] I think you are correct

Re: USA Today article - Neteller
 

The company hasn't, but DoJ is apparently seizing it as evidence to use against the two arrested founders.

Re: USA Today article - Neteller
 

According to the article, why are Neteller funds being held in a US court?

Re: USA Today article - Neteller
 

[ QUOTE ]
This has gone WAY to far than I ever thought...

[/ QUOTE ]

Re: USA Today article - Neteller
 

So i am not a finance major but where are netellers funds? And how did they seize them again?

Re: USA Today article - Neteller
 

[ QUOTE ]
So i am not a finance major but where are netellers funds?

[/ QUOTE ]

In an account somewhere in Europe.

[ QUOTE ]
And how did they seize them again?

[/ QUOTE ]

If something was seized, it was the EFTs.

Re: USA Today article - Neteller
 

[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

Re: USA Today article - Neteller
 

I would not doubt that the reason for the P2P shutdown has to do with the US Feds. My guess ( and this is only an educated guess at this point) is that the DOJ has ordered Neteller to hold all funds associated with US customers.

I would bet that this will be the case until a suitable payment method can be worked out between the DOJ and Neteller that will allow tracing money to specific individuals. This would be not unlike 1099b forms that you recieve from bokerage firms. I could forsee a stop being placed until Neteller is capable of issuing a 1099 for tax purposes for each individual US account holder.

Re: USA Today article - Neteller
 

[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

Re: USA Today article - Neteller
 

The P2P stoppage id imagine (again, guess) came about because they told the DoJ they would stop doing business with the US effective imediately and that no funds would find there ways on gaming sites.

So when a mass of P2P transfers has been made to EU customers, who are in turn transfering that figure minus 5% to pokerstars then its pretty obvious that they had to stop the transfers.

As for seizing funds, im sure it is as simple as:

DoJ: Freeze all funds relating to US customers
NT: Err, no
DoJ: Do it or we will, do things, to you
NT: Not the face, we will do whatever you want
DoJ: Eeeexxxccellent

Re: USA Today article - Neteller
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

[/ QUOTE ]

"Hint" I've already seen them.

Only 20% of their total assets are liquid, can you see that?

Re: USA Today article - Neteller
 

I read somewhere that the 2 arrested guys from Neteller are appearing in court sometime in February.
If funds from Neteller US accounts are to be frozen until further notice (this could take years says in the article talking of unfreezing Betonsports customer's funds) that will probably take place on that date.

GD

Re: USA Today article - Neteller
 

[ QUOTE ]
The P2P stoppage id imagine (again, guess) came about because they told the DoJ they would stop doing business with the US effective imediately and that no funds would find there ways on gaming sites.

So when a mass of P2P transfers has been made to EU customers, who are in turn transfering that figure minus 5% to pokerstars then its pretty obvious that they had to stop the transfers.

As for seizing funds, im sure it is as simple as:

DoJ: Freeze all funds relating to US customers
NT: Err, no
DoJ: Do it or we will, do things, to you
NT: Not the face, we will do whatever you want
DoJ: Eeeexxxccellent

[/ QUOTE ]

I think it went more like well we are about to blast Iraq but dont think we won't attack Europe and seize their banks. POKER IS A SIN damnit and I BUSH am the second coming.....

Re: USA Today article - Neteller
 

due to high risk i am now willing to offer to one time low offer of 24%.

Re: USA Today article - Neteller
 

[ QUOTE ]
I could forsee a stop being placed until Neteller is capable of issuing a 1099 for tax purposes for each individual US account holder.

[/ QUOTE ]

I don't see how that is possible as NT has no idea how much people have made. They only know how much people moved through their system. People often cash out or buy in via a different method then NT. Even if we move past that, most of the money in the gamboling economy is in sites ATM not in NT. Therefore any information they have is incomplete unless that money were to go back through their system.

Re: USA Today article - Neteller
 

This is terrible - I feel for you guys.

Re: USA Today article - Neteller
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

[/ QUOTE ]

"Hint" I've already seen them.

Only 20% of their total assets are liquid, can you see that?

[/ QUOTE ]
How would you define cash and cash equivalents? Illiquid?

Idiot

Re: USA Today article - Neteller
 

[ QUOTE ]
due to high risk i am now willing to offer to one time low offer of 24%.

[/ QUOTE ]
We dont need to do this we have that long list of non gambling merchants that we can spend our money on...

Re: USA Today article - Neteller
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

[/ QUOTE ]

"Hint" I've already seen them.

Only 20% of their total assets are liquid, can you see that?

[/ QUOTE ]
How would you define cash and cash equivalents? Illiquid?

Idiot

[/ QUOTE ]

Wow, you do realize the majority of this # is made up of t-bills and marketable securities, right?

In reality, we don't know what % of the CCE is actually cash and what % is tied up, so no reason to argue.

Re: USA Today article - Neteller
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

[/ QUOTE ]

"Hint" I've already seen them.

Only 20% of their total assets are liquid, can you see that?

[/ QUOTE ]
How would you define cash and cash equivalents? Illiquid?

Idiot

[/ QUOTE ]

Wow, you do realize the majority of this # is made up of t-bills and marketable securities, right?

In reality, we don't know what % of the CCE is actually cash and what % is tied up, so no reason to argue.

[/ QUOTE ]Tied up? How long do you think it takes to liquidate those? Hours at most.

You know not of what you speak.

Re: USA Today article - Neteller
 

I dont understand why you need to seize the money as evidence? The records are there, what importance is there in tying up the cash and preventing US citizens from receiving THEIR money? This isnt NT's money.

Anyways, my 2006 taxes will be short the amount of which is in my NT account pending withdraw. Screw them...

Re: USA Today article - Neteller
 

[ QUOTE ]
[ QUOTE ]
I could forsee a stop being placed until Neteller is capable of issuing a 1099 for tax purposes for each individual US account holder.

[/ QUOTE ]

I don't see how that is possible as NT has no idea how much people have made. They only know how much people moved through their system. People often cash out or buy in via a different method then NT. Even if we move past that, most of the money in the gamboling economy is in sites ATM not in NT. Therefore any information they have is incomplete unless that money were to go back through their system.

[/ QUOTE ]

What you say is partially correct, but they can give a total for the amount in each account from a specific date forward (i,e. 2/1/2007) This can then be the base amount for a 1099 to be issued. It would then be up to each tax payer to come up with records in order to show losses and gains.

Or the DOJ may simply seize all funds similar to what they do in drug cases. I'm sure they (the US gov) would love to do this if they could and currently have their lawyers exploring all options.

Re: USA Today article - Neteller
 

[censored] THE DEPARTMENT OF "JUSTICE".

THE USA IS NOT A FREE COUNTRY. THAT IS THE BIGGEST [censored] JOKE GOING AROUND OF ALL TIME.

Sorry bastards. I can't believe these good for nothing losers have a job and actually get a paycheck. They are worse than traffic cops in a school zone.

Re: USA Today article - Neteller
 

Article at majorwager.com:

http://majorwager.com/index.cfm?page...how_column=414

[ QUOTE ]
Upon talking to some people at NETeller, as well as the p.r. firm representing them, it appears NETeller has no interest in giving more information. The company's only response to numerous emails and phone calls was to tell me that they had nothing more to add. And in one call, an individual at the company actually threatened me if I didn't stop "harassing" them.

Fortunately, the news is not all bad. According to Russ Hawkins, CEO of MajorWager.com, NETeller is currently working with the U.S. department of justice to try and conceive a way of getting the money out for Americans, although more details are not known at this point.

[/ QUOTE ]

Purely speculation, but the author (correctly) points out that Neteller still has quite a bit of non-American business, and the longer this drags out, the more it's going to shake the confidence of these customers. Perhaps they're trying to work out some sort of a deal whereby they cooperate with the prosecution of their founders in exchange for releasing trapped American funds? (In other words, throwing their cofounders under the bus so they can get on with their business...)

Re: USA Today article - Neteller
 

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THAT IS THE BIGGEST [censored] JOKE GOING AROUND OF ALL TIME.

[/ QUOTE ]

I couldn't have said it better myself. [img]/images/graemlins/grin.gif[/img]

Re: USA Today article - Neteller
 

[ QUOTE ]
I dont understand why you need to seize the money as evidence? The records are there, what importance is there in tying up the cash and preventing US citizens from receiving THEIR money? This isnt NT's money.

Anyways, my 2006 taxes will be short the amount of which is in my NT account pending withdraw. Screw them...

[/ QUOTE ]


You don't have a clue do you?

If the DOJ want to stop americans and neteller-like companies to continue sending money to online gambling sites, which method do you think will be most efficient; Showing they can freeze everybody's money for a couple of years or just telling Neteller and americans they are bad, bad people for doing this?

Re: USA Today article - Neteller
 

ugh, i hate life right now.