Neteller Update...

[ChexNFX]

What [censored].

[Sniper]

This snippet from the Neteller IPO doc (risk section) may explain why these 2 guys (it also raises other issues)...

[MiltonFriedman]

Neteller's founders were expressly indicted for developing InstaCash .... Read the complaint about $$$ Millions flowing from a payment company and US Bank to Neteller wholly owned subsidiaries.

This case IS a shot across the bow of anyone who wants to fill Neteller's InstantCash shoes and offer an ACH product for "illegal" purposes.

It seems likely that ACH itself is a target of this action.

[MiltonFriedman]

"At this point, we are all speculating'

No, some of us are looking at the facts.

"I was under the impression that Neteller was always complying with the U.S."

How ? By transferring money from US players to sports-betting operations ?

[MiltonFriedman]

"I really don't want to have to search for another ewallet ...I hope it doesn't come down to that."


WHERE have you been since about mid-September ?

[tangled]

[ QUOTE ]
Apparently, the US is declaring that Neteller was an illegal business from day 1... surely, the London stock exchange where they are listed will have to weigh in on this.

This is significant, and I would expect that Neteller will have a detailed statement on how they intend to react to all of this, on Thursday's Conf Call...

Interestingly, this could mean that even those sites that pulled out of the US, could be facing prosecution.

[/ QUOTE ]


Right. It seems to me that the recent arrests will make it more likely that NT will stay ,not leave the US. What do they have to lose? They all are already going to be prosecuted if they come to the US. Pulling out of the US market any time soon will not change this. Might as well make some money.

I know I must be wrong but how?

[blunty31]

I think this might actually be a good thing. The people arrested have the money to hire good lawyers, and if the beat the case the US govt. will lose its teeth.

[PropPlayer]

I'll give even money they will go to jail.

[Sniper]

[ QUOTE ]
I think this might actually be a good thing. The people arrested have the money to hire good lawyers, and if the beat the case the US govt. will lose its teeth.

[/ QUOTE ]

Unfortunately, the Teeth will bite, way before this case reaches any conclusion...

[Mendacious]

I think the WTO WILL carry the day in this case. At the end of the day, I do not think it is reasonable to send business to jail for operating a business that is legal and registered and listed in friendly nations-- where even though the US has laws in this area prohibiting the action that Neteller is servicing, these laws have been declared in violation of international treaty. This case has ZERO jury appeal unless they can show a genuine link between neteller, organized crime or terrorism. These guys walk.

I think that it is interesting that UIGEA is not mentioned--despite the fact that the triggering events took place in Dec. 2006 (the agent's neteller transactions) AND obviously these events took place well after it became clear that the WTO has found US gambling restrictions to violate the treaty.