Official Neteller Update Thread Part 2

[oldbookguy]

It gets even worse!

Please, a real math whiz figure this out accuratly.

OK, the DoJ alleges NT did 5.1 Billion in transferes in the 1 HALF of 2006, most from the U S.

Lets say, 60% from the U S (I think the estimate was 85% though).

10.2 billion x 60% = 6.06 Billion.

figure 5% profit = 300,500.00 x 25% TAX = 75,125.00 Taxes per year.

Our real smart Senators (Kyl, Frist, et al) now have 136,000,000.00 instead of 75 Million per year for ever, and that is just from Neteller.

If NT made 10% profit, well, the Government smarties got less than ONE year taxes.

obg

[DMoogle]

So... o/u on when the withdraws will be processed and we get our monies? I'd take the over on 3 months.

[oldbookguy]

According to the deal, you / me / we get ONE withdrawal request only, all or nothing.

See the neteller website.

obg

[Ron-Mexico]

"Pursuant to the DPA, the Company has consented to the filing of a criminal information relating to transactions between Internet gambling merchants and persons located in the United States."

Uh.... Can someone explain that in plain english?

[thirstyforwater]

[ QUOTE ]
So... o/u on when the withdraws will be processed and we get our monies? I'd take the over on 3 months.

[/ QUOTE ]

i'd like to take that bet [img]/images/graemlins/smile.gif[/img]

[oldbookguy]

Kinda like probation only in this case in 2 years or so if NT does as agreed, the charges are dropped (except the fines) and no other people get arrested or prosecuted.

obg

[yahboohoo]

NETeller's profit margin was a lot more than 5%.

[oldbookguy]

So, at the 10% level, there is a -e/v fine /taxes. so sad.....

obg

[FatalError]

[ QUOTE ]
here is the worst part.

94,000,000. @ 5% money market NT will make about $2,400,000.00 on our money over the last 6 months.

Note: you can get that small 5% even at paypal / eBay.

obg

[/ QUOTE ]

did you read the part where neteller lost ~120 million?

this was lose lose for everyone involved except the us government, that 120 mil is def going to the war on terror and not education funding

[yahboohoo]

Let me get this straight:

1) The DOJ seized $55-60 million in US citizens' funds.
2) The amount seized does not represent all money owed to US citizens by NETeller.
3) The amount NETeller owes to US citizens is $94 million.
4) The $55-60 million seized by the DOJ were funds that US citizens were trying to withdraw in the wake of the arrests of NETeller's founders in January.
5) The remaining $40 million or so was money NETeller's other US customers had left in their accounts.

Here are the two points I'd really like clarified:
6) The DOJ is keeping the $55-60 million they confiscated.
7) NETeller is going to pay those US customers whose money was part of the $55-60 million the DOJ is keeping.
8) NETeller is paying this money out of its own accounts instead of telling US customers "tough luck, take it up with your own government"

Am I interpreting this situation correctly?

EDIT: Essentially NETeller is going to reissue those withdrawal requests that the DOJ confiscated -- out of its own coffers? If so, I think just about everyone in this forum owes NETeller an apology and a big thank you.