Neteller Stock Exchange Statement

[*TT*]

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heh heh, thank GAWD I was one of the fish you sharks preyed upon....

Dammit I was getting better though...[img]/images/graemlins/grin.gif[/img]

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Even if you lost money you still need to report it to the IRS. The IRS views each session (quantified as each table as per Russ Fox) as a separate profit or loss. You do understand how that works right?

TT [img]/images/graemlins/club.gif[/img]

[*TT*]

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My point is that the statement does not state that a federal court has custody and control of this $55 million. Why does it imply it, but not state it? If Neteller does not control this $55 million, then I would think that they would expressly say so.
Thus, I think that Neteller still has custody and control of these funds despite the statement's implication. Seems to be over a small sum anyway.

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I read it differently, that Neteller lost control of the 55 mill (its probably frozen during the EFT process, hence why most of us cannot cancel our EFTs). But I also assume that the remaining funds are frozen by Neteller itself as part of the negotiation process with the USAO/FBI/and eventually IRS.

TT [img]/images/graemlins/club.gif[/img]

[addictontilt]

My cpa seems to

[img]/images/graemlins/confused.gif[/img], meh if I get audited he's on the hook too

[Grisgra]

[ QUOTE ]
[ QUOTE ]
heh heh, thank GAWD I was one of the fish you sharks preyed upon....

Dammit I was getting better though...[img]/images/graemlins/grin.gif[/img]

[/ QUOTE ]

Even if you lost money you still need to report it to the IRS. The IRS views each session (quantified as each table as per Russ Fox) as a separate profit or loss. You do understand how that works right?

TT [img]/images/graemlins/club.gif[/img]

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Losing poker players "need" to report table-by-session results to the IRS like I "need" to make sure I don't go 56mph on a road with a 55mph speed limit. Seriously, it's tough to take you or Miller or Fox seriously when you post crap like this.

[Nate tha\\\' Great]

Although I'm very gloomy about the online poker situation overall, I think there's some overreaction to this particular piece of news. I think the USAO is smarter than it's being given credit for, and is really more interested in sort of cutting off the supply than getting into the legal and public relations quagmire of auditing or confiscating the funds of a lot individual players. When Neteller left the US market immediately and left the online gambling industry in a very difficult spot, about 95% of their goal was accomplished.

But basically, both sides have an interest in seeing that players get their money back. The USAO wants that money back in the United States and it wants Uncle Sam to be able to collect taxes on it. To some extent, you could also argue that their actions are designed to "protect" American consumers from the evils of online gambling, rather than to punish them. Neteller wants US citizens to get their money back because they're not going to be able to keep it in their coffers anyway, and they'd rather not tarnish their reputation as they re-focus on the reasonably viable European market.

[disjunction]

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Losing poker players "need" to report table-by-session results to the IRS like I "need" to make sure I don't go 56mph on a road with a 55mph speed limit. Seriously, it's tough to take you or Miller or Fox seriously when you post crap like this.

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Thank you, great post.

[CompatiblePoker]

The most shocking thing to me is that only $55 million is being held. I would have thought a lot more.

[fleece_me]

JC is correct.

This statement is confusing on purpose. Less than 55 million? It could be 100k.

One thing that needs to be considered is that the current Directors of Neteller don't want to be indicted as well, so they will co-operate fully. They don't want to go to jail, but they want to keep their paychecks from running the company.

Pretty obvious they don't have much incentive to pay back the players and much incentive to co-operate fully.

Unless ordered to do so (which never happened in the BOS case), I cannot foresee any possible conclusion to this whereby Neteller pays anyone.

It would be interesting to see what happens if they were ordered by a federal judge to pay people. We could see just how well intended and dedicated these people are to paying everyone their money.

[Nate tha\\\' Great]

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JC is correct.

This statement is confusing on purpose. Less than 55 million? It could be 100k.

One thing that needs to be considered is that the current Directors of Neteller don't want to be indicted as well, so they will co-operate fully. They don't want to go to jail, but they want to keep their paychecks from running the company.

Pretty obvious they don't have much incentive to pay back the players and much incentive to co-operate fully.

Unless ordered to do so (which never happened in the BOS case), I cannot foresee any possible conclusion to this whereby Neteller pays anyone.

It would be interesting to see what happens if they were ordered by a federal judge to pay people. We could see just how well intended and dedicated these people are to paying everyone their money.

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You're assuming that the government doesn't want people to get their money back. I think quite the opposite is true.

[KotOD]

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The most shocking thing to me is that only $55 million is being held. I would have thought a lot more.

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The shocking thing is that they aren't reporting it's the EFTs, not all funds.