Interesting Washington Post Article About NETELLER

[N 82 50 24]

I didn't see this posted yet...

http://www.washingtonpost.com/wp-dyn...020201664.html

I won't repaste the whole article because someone will probably bitch at me about copyright [censored], but this is an interesting snippet.

Neteller, which had provided payment services to more than 80 percent of worldwide gaming merchants, watched its business swell after PayPal and parent company eBay agreed to leave the business and forfeit $10 million to settle civil charges three years ago over financial transfers to offshore and online gambling firms.

Now, however, with the arrest of two of its founders, the British Web site is scrambling to exit the U.S business. Neteller is besieged with requests from frustrated bettors who want to recoup billions in deposits and winnings. The money is being held in trust accounts while the company holds conversations with the Justice Department about the status of its executives and other board members.

"The answer is, it's a bit confused at the moment," Neteller spokesman George Cazenove said. "I'm sure they will get their money back. You've got to give Neteller a bit of space."

[Homer]

Much, much better than the USA Today article.

[N 82 50 24]

Yea. I think that's the first quote I've ever seen from a NETELLER spokesperson.

[Mendacious]

Pretty much what I expected was happening...
Neteller thread

[adanthar]

If that's the holdup, we are on much safer footing than we were a week ago IMO.

[MLSchaff]

Actually appears to be a smart move by Neteller, since the money they are holding from US accounts is a huge source of leverage against the DOJ. Sounds like this could be heading towards a settlement something along the lines of Neteller pays out all U.S. accounts and agrees not to conduct any further gaming business with U.S. in exchange for DOJ agreeing not to prosecute any other Neteller execs. Could be a while, though.

[adanthar]

BTW, to anyone thinking 'but this means that anything beyond the initial deposit is forfeited': you're almost certainly wrong. Example: Ryan Daut quite legally goes to the PCA and wins 1.5 million, which is paid to his Pokerstars account. The money is then cashed out to Neteller. Is the DOJ able to confiscate any of it? Of course not, because it was all legal. Furthermore, the DOJ is not interested in confiscating money from US bettors (most of whom aren't committing a crime to begin with) nearly as much as stopping the offers of sports betting sites.

[AverageJoe]

http://forumserver.twoplustwo.com/showfl...e=1#Post9035435

[AverageJoe]

[ QUOTE ]
Actually appears to be a smart move by Neteller, since the money they are holding from US accounts is a huge source of leverage against the DOJ. Sounds like this could be heading towards a settlement something along the lines of Neteller pays out all U.S. accounts and agrees not to conduct any further gaming business with U.S. in exchange for DOJ agreeing not to prosecute any other Neteller execs. Could be a while, though.

[/ QUOTE ]

I am sure trying to blackmail DOJ in the end will work beautifully for the CURRENT execs.

[Homer]

[ QUOTE ]
[ QUOTE ]
Actually appears to be a smart move by Neteller, since the money they are holding from US accounts is a huge source of leverage against the DOJ. Sounds like this could be heading towards a settlement something along the lines of Neteller pays out all U.S. accounts and agrees not to conduct any further gaming business with U.S. in exchange for DOJ agreeing not to prosecute any other Neteller execs. Could be a while, though.

[/ QUOTE ]

I am sure trying to blackmail DOJ in the end will work beautifully for the CURRENT execs.

[/ QUOTE ]

It's not blackmail, it's a bargaining chip.