Neteller Update...

[Sniper]

Interesting Read... Neteller revokes merchant account

[SecretOfMana]

good lord, so is gonna be the 19th of next month that netller releases a new update?

[yahboohoo]

From the NETeller Customer Coalition:

We are trying to negotiate a statement from NETeller presently. We sent them a formal request yesterday. Today we followed up with one of their senior managers who stopped by the group's Yahoo page. We're awaiting their response to this letter from the group's founder:

I am the founder of a group of your customers called the Neteller Customer Coalition, representing almost 600 customers with no less then $3M frozen.

We understand that your organization is under legal pressure, but we are extremely upset about Neteller's apparent lack of communication with its US customers. Posting one statement over a two month period is simply unacceptable.

While we would rather not incur the time and cost associated with a lawsuit, the group and its members are committed to pursuing any and all options to get their money back.

We would rather work together with you to see the money returned as quickly as possible.

Please consider assigning a NETeller representative to work together with our group to explain the current situation and answer questions about the status of our money.

Thank you.

http://sports.groups.yahoo.com/group/NetellerCustomerCoalition/

[Sniper]

yahboo, you messed up the link you posted...

[Sniper]

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.

Official Press Release

[NesOne]

Sorry, but I'm not believing this story until Gambling911 confirms it as fact.

[Sniper]

When will US customers get their money back?

The recent agreements between NETELLER, Navigant Consulting, and the US Attorney’s Office (USAO) represent an important step in the process of an orderly distribution of funds to US customers. These agreements outline the terms and a timeline under which NETELLER will work toward distributing the funds. As a result, the Group anticipates that within the next 75 days it will be able to announce the plan by which the funds will be distributed to US customers.


Who is Navigant and what will they be doing?

In negotiation with the USAO, NETELLER has agreed to engage independent firm Navigant Consulting Inc., to provide financial consulting and forensic accounting services to the Group, including oversight of the process of returning funds to US customers.


How will funds be distributed to US customers?

The actual mechanism for how funds will be distributed to US customers will be determined during the next phase of the process. The USAO and Navigant must approve the distribution plan and we expect to be in a position to announce the distribution plan within the next 75 days.


Why will it take so long for US customers to get their money back?

NETELLER and the USAO intend to ensure an orderly return of funds to US customers and such a process takes time to establish and execute.


Why can’t NETELLER just send US customers cheques, bank wires, or allow them to use their ATM cards?

As discussed in our press release of February 8, 2007, the court-ordered seizure of funds, restrictions placed by third parties and related legal concerns have made it necessary to work to establish an orderly mechanism for the return of US customer funds with the USAO. The agreements reached between NETELLER, the USAO, and Navigant pave the way for that process to be established.

[Sniper]

Other Neteller announcement discussion thread in leg

Official Neteller dicussion thread in the Zoo

[Mercman572]

[ QUOTE ]

Who is Navigant and what will they be doing?

In negotiation with the USAO, NETELLER has agreed to engage independent firm Navigant Consulting Inc., to provide financial consulting and forensic accounting services to the Group, including oversight of the process of returning funds to US customers.


[/ QUOTE ]

I still would like to know what they will be "doing." How does forensic accounting come into play here (i.e. what services will be provided)? I don't know much about financial accounting obv.

[egoldy]

Yahboohoo posted the letter that went to Neteller above, the following was the direct result of that action including a letter from Neteller to the founder of the group..

The following was posted on the site today:

http://sports.groups.yahoo.com/group...on/message/584

All,

I'm hoping everyone saw the latest press release and questions that
came out of Neteller (if not, see below). I do believe this action
is in DIRECT RESPONSE to the letter that we sent to Neteller
yesterday.

To be clear on the timeline. Our "Open Letter To Neteller" e-mail
was mailed yesterday at 8:40 a.m.. By the middle of the day, we
know that Andrew Gilchrist, Neteller's VP Corporate Development &
Communications had come to the site and spent around 40 minutes
poking around. Yahboohoo sent a friendly private e-mail in the
middle of the day to Andrew asking again if he would be willing to
open lines of communication.

Within 24 hours, Neteller had posted the new press release (I have
posted the full file that was mailed to me by Neteller in the files
section, but here is the link to their release):

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

(same thing that has already shown up on some of the blogs / sites.

I also received the following e-mail:

---------------------------------------------------------------------
21 March 2007 940am GMT

Eric

Thank you for your email yesterday on behalf of the NETELLER Customer
Coalition.

We at NETELLER do appreciate your members' concerns about the
continued issues affecting all of our US customers.

I attach to this email a press release which the Group put out
earlier this morning which provides an update to our US customers.

Since our previous update on 8 February, the Group has been working
to make progress on the return of funds to its US customers. The
agreements signed on 20 March 2007 announced today demonstrate that
we are making progress, albeit slowly, in agreeing a mechanism with
the US authorities to repay our customers.

You will understand that the Group can only provide updates as and
when there are material developments and is governed in its
communications by numerous rules and regulations.

We have attempted to address some further concerns of our customers
by providing an updated list of questions and answers on our
corporate website today. I would recommend you direct your forum
members to this link. http://www.neteller-
group.com/content/en/media_faqs.htm

I hope this email, our release today and our FAQs begin to address
yours' and your group's issues.


Andrew Gilchrist
VP Corporate Development & Communications
NETELLER Plc

--------------------------------------------------------------

Now...

Next steps...

While, I'm happy with this announcement, I don't want to back off
until the money is back in our pockets.. I still would like to have
someone (be it Andrew or someone) have direct conversation with me
(or even the group via a conference call) to better explain the
situation. I may put together a list of questions that I'd like to
see them answer (that aren't already answered on their site).

Overall guys -- I thought this was a great step -- hopefully more to
come.

Post your thoughts..

Mod..