Official Neteller Update Thread Part 2

[BigAlK]

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Let me get this straight:

1) The DOJ seized $55-60 million in US citizens' funds.

3) The amount NETeller owes to US citizens is $94 million.



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I think you've got everything straight except I dont' see anyway that these 2 items can be correct regardless of what has been reported. One of the numbers has to be wrong. The only way this can be correct is if US customers requested withdrawls amounting to almost 2/3 of their total account balances in a very short time (somewhere between 1 day and 1 week from when the DOJ stopped the money flow and Neteller realized it and suspended electronic withdrawls to the US). That can't be right.

[Merkle]

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I almost wish they had kept my money and told DOJ to fly a kite.

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not sure how that would have taught the DOJ a lesson.

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I was referring to their co-operation with the US Govt by providing them copies of all transactions involving US citizens. I would prefer the privacy to the money.

[kidpokeher]

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"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?

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Sounds to me like the DOJ is making a list.

[yahboohoo]

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[ QUOTE ]
Let me get this straight:

1) The DOJ seized $55-60 million in US citizens' funds.

3) The amount NETeller owes to US citizens is $94 million.



[/ QUOTE ]

I think you've got everything straight except I dont' see anyway that these 2 items can be correct regardless of what has been reported. One of the numbers has to be wrong. The only way this can be correct is if US customers requested withdrawls amounting to almost 2/3 of their total account balances in a very short time (somewhere between 1 day and 1 week from when the DOJ stopped the money flow and Neteller realized it and suspended electronic withdrawls to the US). That can't be right.

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I didn't request a withdrawal (I was too late) and I have $23,500 in there. There are many others like me who never requested a withdrawal.

[amaranto]

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"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?

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Sounds to me like the DOJ is making a list.

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I think the filing of a criminal information is just them formally agreeing that they did specific illegal things. It isn't a transfer of information related to their activities. I could be wrong though.

[yahboohoo]

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"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."

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Interpretation for conspiracy theorists: Grab your ankles because Uncle Sam and his Big Brother are coming to get you. They will rape you for not filing FBAR forms, tax evasion, money laundering, violation of the Wire Transfer Act, conspiracy and -- in all likelihood -- aiding and abetting a terrorist organization. You will be locked up in Gitmo within the year.

Interpretation for the reasonably sane: NETeller has agreed to help the DOJ with any other investigations it may have going now or within the next 24 months inasmuch as they concern other online gaming operations that have conducted business in the United States -- specifically sports betting.



But hey, if it's more fun to scare the crap out of yourself and others, and the conspiracy thing cranks your rod, go for it. Personally, I'd be pretty surprised if Bush's beyatch Gonzales got orders to go on a witch hunt in the middle of a supertight election cycle.

[coxquinn]

yahboohoo also deserves a big thanks as he has been a great source of both information and analysis throughout this neteller debacle

[FatalError]

you're overcomplicating the statement

the USAO levied a ~130 mil fine on neteller as part of the deal to settle the case

the USAO is going to make things easy on neteller by just taking the 60 mil they already have and only making neteller send them 70 more

[WarmonkEd]

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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.

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I agree. How many people here, if they were running neteller, would do the same?

[Legislurker]

I don't understand what rights European stockholders have, but can they sue the managers and board over this?