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

As we are receiving complaints that there are far too many new similar threads about Neteller starting every day, and that they are disrupting the forum and turning the place into a zoo, I am going to try to keep all Neteller comments and questions in this thread for a while.

Please refer people to this post, and please Notify Moderator on any new Neteller threads you see.

If you are answering someone's query, or making a comment about someone's post, to make it clearer for all readers, please start your post with the other poster's name.

Thanks. Let's see if we can get the relevant and useful information all in one thread for the benefit of all readers.

Re: The official NETELLER thread
 

Mike:

I am new to this forum and since you seem very knowledgable on the subject, I am going to repeat my earlier post to get your opinion. Thanks in advance.

There are still lots of poker rooms/sportsbooks currently servicing U.S. customers and the vast majority of them still have a check withdrawal option and most of them are still using U.S. check processors.

Neteller could VERY EASILY figure out a way to process U.S. customer withdrawals (either by calling the U.S. check processors that other sites use/by making some sort of arrangement with a European check processor or opening up a checking account and process the checks themselves).

As far as I know, Neteller still has control of U.S. accounts as I can't see how arresting 2 shareholders (even though they founded the company) can cause Neteller to lose control of their company.

Once again, thanks for responding.

Re: The official NETELLER thread
 

andywend,

I don't claim to be any more knowledgeable about Neteller than anyone else, but I do have faith in them in terms of their returning money to all their members, in due early course. (I accept this is based mainly on their being authorised by the FSA, and knowing personally through what hoops one has to jump to become authorised.)

Unless they have been running a fraud on an absolutely massive scale, with the knowledge and assistance of many employees, accountants, banks, etc, they have all money belonging to their members, fully intact. Why they can't or won't release this, immediately, is a matter for speculation, at this moment.

The longer they hold onto US members' money, without releasing a full explanation, the more damage to their credibility occurs, and their other members throughout the world get more nervous and move their money out. A slippery slope of which they are obviously fully aware. If they hold onto US members' funds for more than six weeks, I doubt if they will ever recover to be the big name they were. On the other hand, if there is some strange but reasonable logistical problem that they have, owing to what has suddenly happened, and they solve this and start moving money very soon, the opposite may happen, and confidence in their business ethics should be completely restored, (as far as the rest of the world is concerned).

Whatever happens over the next few weeks will be a major learning experience for just about every company, and, indeed, every individual, in the world.

Re: The official NETELLER thread
 

Mike

well, since you started the thread I figured I might as well ask, what is your best guess at an expected timeframe for Neteller to return money to US players.

My estimation is 1-1.5 years, I was just curious to see what others think (I tend to be somewhat cynical).

Re: The official NETELLER thread
 

If Neteller plans on staying in business long term, then I would think they are actively trying to come up with a plan to get our money back to us soon.

Yes, they make interest on our money. However, I would guess they are in short-term liquid investments that make, at best, maybe 5%. That's a daily rate of 0.01%. Not a significant enough amount to a company that was/is valued at hundreds of millions of dollars.

The upper management, actively running Neteller, probably doesn't own a huge percentage of the company. In general, people with these circumstances are not going to try and run the company into the ground, if they can help it. They want to be able to keep their jobs and know the longer they delay in paying us out, the more damage it costs the company long-term (well more than 0.01% per day).

I have already heard cases of non-US people being apprehensive about using Neteller now, and I am certain Neteller realizes this, too. IF Neteller were smart though, they would offer to pay interest to US-locked accounts at the T-bill rate or equivalent. This would cost the company very little and do a tremendous amount for PR long-term.

Another scenario I have come up with though...
They are attempting to keep the illusion of paying US accounts until they can get their stock trading again, so they can dump any shares they may have. Then, let the company burn.

Re: The official NETELLER thread
 

Mercman572,

Let's add the obligatory poll.

Re: The official NETELLER thread
 

from info I've heard they are waiting to pay US customers until they are advised by their legal counsel which route of action they are taking

Re: The official NETELLER thread
 

http://www.associatedcontent.com/art..._neteller.html

In February 3rd article in the USA Today, FBI agent Neil Donovan told the USA Today that "funds from Neteller are being held in court as potential evidence. Some customers may get their money back."

*

Edit/MH: See Bobo Fett's response in this thread, below.

Re: The official NETELLER thread
 

[ QUOTE ]
If Neteller plans on staying in business long term, then I would think they are actively trying to come up with a plan to get our money back to us soon.

Yes, they make interest on our money. However, I would guess they are in short-term liquid investments that make, at best, maybe 5%. That's a daily rate of 0.01%. Not a significant enough amount to a company that was/is valued at hundreds of millions of dollars.

The upper management, actively running Neteller, probably doesn't own a huge percentage of the company. In general, people with these circumstances are not going to try and run the company into the ground, if they can help it. They want to be able to keep their jobs and know the longer they delay in paying us out, the more damage it costs the company long-term (well more than 0.01% per day).

I have already heard cases of non-US people being apprehensive about using Neteller now, and I am certain Neteller realizes this, too. IF Neteller were smart though, they would offer to pay interest to US-locked accounts at the T-bill rate or equivalent. This would cost the company very little and do a tremendous amount for PR long-term.

Another scenario I have come up with though...
They are attempting to keep the illusion of paying US accounts until they can get their stock trading again, so they can dump any shares they may have. Then, let the company burn.

[/ QUOTE ]

VERY possible - I've been through one of these (albeit on a much much smaller scale - Nasdaq small cap) and unfortunately not a zillion miles removed from some of those canadian & NY people 'associated' with NT

The market makers and merchant banks will be calling most of the shots at the moment

Re: The official NETELLER thread
 

[ QUOTE ]
http://www.associatedcontent.com/art..._neteller.html

In the USA Today, FBI agent Neil Donovan told the USA Today that "funds from Neteller are being held in court as potential evidence. Some customers may get their money back."



[/ QUOTE ]

Oh could we pleeeeeeease stop refering to that lame article. As has been mentioned numerous times before, how would this have occured and NO news of it have leaked out? The USA Today article appears to be a mish-mash of info from the BetOnSports and Neteller cases. If funds had been seized, this would be HUGE news. The article you have quoted takes the USA Today piece and combines it with an Online Wire piece, where the same FBI agent says "What's in there [USA Today article] is in there, but I really cannot comment further.", and they cite "wire reports" claiming the FBI has seized funds. What wire reports? Why has no one else picked up these wire reports?

The same inaccurate information is being quoted and requoted in different articles, and the story gets farther and farther from any kind of properly confirmed truth.

If you are going to refer to a news article, there was a much better one in the Washington Post refered to in this thread:

Washington Post