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

[jman220]

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Hi all,

I´m not a US citizen, but need to move money from neteller to epassporte, is there any form of doing it?

Regards, Sandokan.

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Sure:

Withdraw your money from neteller.

Deposit your money on E-Passporte.

[Bobo Fett]

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Pretending like the FBI has seized all of neteller's bank accounts just gives them an excuse not to pay. I think what was seized was money in the US from the ACH processor and JSL.

The sooner everyone stops making excuses for neteller, the better off everyone will be

http://www.guardian.co.uk/usa/story/0

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Slightly more feasible, but again, wouldn't the DOJ be trumpeting that fact far and wide so everyone would fear the long arm of the law? I find it hard to believe that such a seizure would go quietly unnoticed by anyone.

Fixed your link, btw, and if you look back a page or two you will see it has already had some discussion (debunking?) in this thread.

[ddv33]

I'm a little confused, do all US members have their accounts closed right now? My account is closed and I still have money in there. Should I contact them about it being closed or is everyone in my boat?

[thirstyforwater]

I keep tabs on all of the recent news articles online regarding Neteller. It seems that almost all of these articles portray the case against the Neteller co-founders in a very positive light.

Does anyone else find this odd? Most people charged with crimes get slaughtered in the media.

I found this editorial interesting:
Some conservative writer bashes the DOJ: "Neteller's Open and Honest Conspiracy"
http://www.humanevents.com/article.php?id=19312

[rcd]

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http://www.humanevents.com/article.php?id=19312

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very nice article.

[andywend]

Direct from the USA update section of the Neteller website:
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Am I required to withdraw my money from NETELLER?

No, there is no requirement for US members to withdraw their funds from their e-wallet accounts.
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Now we can all sleep a little sounder as Neteller has just informed U.S. residents that we are NOT required to withdraw our funds from our accounts.

I sure hate this disgusting company.

[andywend]

Finally, Neteller responds with a little beacon of light:

Press Release
NETELLER Works to Return Funds to US Customers After US Withdrawal


8 February 2007 - NETELLER Plc (LSE: NLR), the leading global independent online money transfer business, today issued the following update with regard to its US business and criminal charges against two of its founders.

On 19 January 2007, at the request of the Group, the Group’s legal advisers met with representatives of the United States Attorney’s Office for the Southern District of New York (“USAO”) to clarify the Group’s position with respect to the complaints brought on 16 January 2007 against two of the Group’s founders, Mr. Stephen Lawrence and Mr. John Lefebvre. Neither are current employees or directors of NETELLER. In that meeting, the Group pledged to cooperate with the USAO, indicated it was prepared to begin document production promptly and discussed a potential mechanism for arranging an orderly repayment of funds to US customers.

The discussions between the Group’s legal advisers and the USAO are ongoing. The Group is, under advice of its legal advisers, commencing production of documents and intends to cooperate with the USAO in its investigation.

Following upon the complaints dated 16 January 2007, banks in the US began declining to permit transactions involving the Group through accounts maintained at one or more automated clearinghouses in the United States. Additionally, the Group has been advised that the USAO has obtained court-ordered seizure warrants seizing funds pertaining to the Group’s transactions. To the best of the Group’s knowledge, it believes that the amount of funds seized by the USAO or otherwise restricted by third parties does not exceed US$ 55 million. These funds were largely in the process of being transferred from the Group to its US customers or vice versa.

As a result of the restrictions placed by third parties, court-ordered seizures, and related legal concerns, the Group is currently unable to make payments to US customers. Nevertheless, the Group is in discussions with the USAO to manage an orderly return of funds to US customers. As part of these discussions, it is contemplated that the USAO will engage a forensic accounting firm, at the Group’s expense, to assist in this process and to examine the Group’s financial position. “The return of funds to our US customers is a top priority for NETELLER” said Ron Martin, Group President and CEO. US customers wishing to withdraw funds from their NETELLER e-wallet accounts will experience ongoing delays while these discussions continue, and a further update will be provided by the Group once effective repayment mechanisms are determined.

To the Group’s knowledge, no criminal action or proceeding has been brought against the Group, its current officers or directors by the USAO. Nevertheless, there can be no assurance that the Group will not be charged in a criminal action at some subsequent time. The Group intends to work with the USAO to seek a negotiated resolution of any allegations relating to its US activities. Any resolution of this matter may lead to potential sanctions against the Group including material financial penalties, fines and forfeitures.

It is emphasized that in line with the Group’s standard business practices for all customers, funds held by the Group for US customers are held in segregated trust accounts. The Group’s own cash position remains strong and the Group currently has sufficient working capital to fund all its customers’ balances as well as ongoing requirements of the business.

NETELLER remains committed to developing its business in line with its stated strategic objectives including geographical and product diversification for all markets. The Group will focus on its continuing business and the opportunities available in the growing markets of Europe, Asia and the Americas outside of the United States. Since the Group’s withdrawal from the US market on 18 January 2007, average daily new account sign-ups of new customers from non-US markets has been around 1,400. This compares to average daily sign ups of 3,303 for the year to 31 December 2006. Daily fee revenue since 18 January 2007 has averaged over US$ 200,000 per day (excluding any revenues from Netbanx, 1-Pay and interest income). These metrics demonstrate the resilience of the Group's ongoing business. NETELLER customers not resident in the US continue to be minimally affected by this withdrawal from the US market.

In view of the continuing uncertainty, the Group's shares will continue to be suspended from trading on AIM for the time being. Further announcements will be made as appropriate.

[MiltonFriedman]

"In that meeting, the Group pledged to cooperate with the USAO, indicated it was prepared to begin document production promptly and discussed a potential mechanism for arranging an orderly repayment of funds to US customers."

I guess that when you supply your SS#, as part of this "orderly repayment", you can expect some witholding for IRS purposes.

[Jay Cohen]

This is outrageous!

Instead of standing up and saying, "We are a legal and licensed company
based in the UK/Isle of Man. If you want any of our records please take
it to one of our courts where we will fight you vigorously and only if we
lose and have exhausted our appeals will we turn over our records," they
rush over to the US Attorney's office to say "How can we help?"

[Marc H]

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I guess that when you supply your SS#, as part of this "orderly repayment", you can expect some witholding for IRS purposes.

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[img]/images/graemlins/confused.gif[/img]
Withholding is done with regard to *income tax*. How in hell would Neteller and/or the IRS be able to determine what % of these monies constitute "income"?