The official NETELLER thread. (First 40 days.) #1 of 2.

[Little_Luck]

I am confused by this forensic accounting part. What is the point of this forensic accounting, what is their main motive? What possible way would they choose who gets their money and who doesn't? It seems like if you are American, you should get your money?

The article says something about using the firm to examine the group's financial position, what does that have to do with anything?

[RonFezBuddy]

"Additionally, the Group has been advised that the USAO has obtained court-ordered seizure warrants seizing funds pertaining to the Group’s transactions."

Are they referring to the customers funds or Neteller's operational funds?

[gone.flying]

[ QUOTE ]
"Additionally, the Group has been advised that the USAO has obtained court-ordered seizure warrants seizing funds pertaining to the Group’s transactions."

Are they referring to the customers funds or Neteller's operational funds?

[/ QUOTE ]

It will depend on whether the DoJ is looking to claw back funds that passed through JSL systems which could run into the $M100's

[KARLC]

I'm sure the gov doesn't want the millions they are losing out on. They are doing all this to protect us from evil gambling.

[MannyIsGod]

How on Earth does Neteller ever plan to resume business now? They sold out their customer base!

[Nathan_2]

USA Today

[newber]

this is just my personal opinion

judging by the way neteller ignores our questions and dodges answering anything useful such as a realistic time estimate for getting our money back

i suspect if we EVER get our money back. it will be when the USDOJ has finished prosecuting those 2 company founders.
judging by how long court cases can drag on, i say at the very minimum 6 months - 18 months.

this incident has irreparably destroyed my confidence in financial institutions in general. thankfully i only have $400 frozen, but the audacity of this unexpected bullshyt is just too unreal.

[KARLC]

I just wonder if WHEN you get your money, the 1099 is going to come with it. You can then prove with a win/loss record (like at a B&M casino) you didn't make a profit. The assumption is you did. I work at a Casino. You can cash out as much as you want and not pay taxes from table games. BUT at 10,000 a CTR (cash transaction report) is sent to the IRS. Not showing you made anything, but rather showing you took 10,000 in cash and now the gov has a record. I'm sure an audit is on the way if nothing is claimed as a win/loss.

[thing85]

[ QUOTE ]
I just wonder if WHEN you get your money, the 1099 is going to come with it. You can then prove with a win/loss record (like at a B&M casino) you didn't make a profit. The assumption is you did. I work at a Casino. You can cash out as much as you want and not pay taxes from table games. BUT at 10,000 a CTR (cash transaction report) is sent to the IRS. Not showing you made anything, but rather showing you took 10,000 in cash and now the gov has a record. I'm sure an audit is on the way if nothing is claimed as a win/loss.

[/ QUOTE ]

No, this is again mostly false information.

How the [censored] is the IRS going to send everyone a 1099? Do you think they can accurately measure the unreported income earned by every individual through their NETeller accounts? Theoretically, yes. Practically, no.

I'm not arguing that the IRS is incapable of auditing maybe 5% of US NETeller customers (and even this % might be generous). The IRS simply does not have the manpower to complete the audits necessary to create both 1099 statements and further research to compare NETeller's information with previously reported tax information.

Also, money transferred through NETeller (in or out) does not constitute income. If you transfer $1,000 on Stars to your brother as a gift, this is not 1099 income (or necessarily any income at all - see gift tax rules for further information). Also, once money leaves NETeller onto a gambling site, the IRS cannot tell your gambling winnings/losses. In an audit, they can ask you to provide this information (and you have to), but they are not going to try and track down this information for thousands and thousands of people.

It's just not realistic.

[Central Limit]

[ QUOTE ]
I work at a Casino. You can cash out as much as you want and not pay taxes from table games. BUT at 10,000 a CTR (cash transaction report) is sent to the IRS. Not showing you made anything, but rather showing you took 10,000 in cash and now the gov has a record. I'm sure an audit is on the way if nothing is claimed as a win/loss.

[/ QUOTE ]

This is not true. CTR's are sent to the Treasury Department, not to the IRS. The Treasury Department investigates money laundering, not tax evasion. The IRS investigates tax invasion, not money laundering.