USA Today article - Neteller - Page 3

pokerpunchout · #21 02-02-2007, 01:18 AM

I would not doubt that the reason for the P2P shutdown has to do with the US Feds. My guess ( and this is only an educated guess at this point) is that the DOJ has ordered Neteller to hold all funds associated with US customers.

I would bet that this will be the case until a suitable payment method can be worked out between the DOJ and Neteller that will allow tracing money to specific individuals. This would be not unlike 1099b forms that you recieve from bokerage firms. I could forsee a stop being placed until Neteller is capable of issuing a 1099 for tax purposes for each individual US account holder.

TomR · #22 02-02-2007, 01:20 AM

[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

[Phill] · #23 02-02-2007, 01:23 AM

The P2P stoppage id imagine (again, guess) came about because they told the DoJ they would stop doing business with the US effective imediately and that no funds would find there ways on gaming sites.

So when a mass of P2P transfers has been made to EU customers, who are in turn transfering that figure minus 5% to pokerstars then its pretty obvious that they had to stop the transfers.

As for seizing funds, im sure it is as simple as:

DoJ: Freeze all funds relating to US customers
NT: Err, no
DoJ: Do it or we will, do things, to you
NT: Not the face, we will do whatever you want
DoJ: Eeeexxxccellent

Messiahkid · #24 02-02-2007, 01:26 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

[/ QUOTE ]

"Hint" I've already seen them.

Only 20% of their total assets are liquid, can you see that?

Green Devil · #25 02-02-2007, 01:29 AM

I read somewhere that the 2 arrested guys from Neteller are appearing in court sometime in February.
If funds from Neteller US accounts are to be frozen until further notice (this could take years says in the article talking of unfreezing Betonsports customer's funds) that will probably take place on that date.

GD

justscott · #26 02-02-2007, 01:36 AM

[ QUOTE ]
The P2P stoppage id imagine (again, guess) came about because they told the DoJ they would stop doing business with the US effective imediately and that no funds would find there ways on gaming sites.

So when a mass of P2P transfers has been made to EU customers, who are in turn transfering that figure minus 5% to pokerstars then its pretty obvious that they had to stop the transfers.

As for seizing funds, im sure it is as simple as:

DoJ: Freeze all funds relating to US customers
NT: Err, no
DoJ: Do it or we will, do things, to you
NT: Not the face, we will do whatever you want
DoJ: Eeeexxxccellent

[/ QUOTE ]

I think it went more like well we are about to blast Iraq but dont think we won't attack Europe and seize their banks. POKER IS A SIN damnit and I BUSH am the second coming.....

Victor · #27 02-02-2007, 01:37 AM

due to high risk i am now willing to offer to one time low offer of 24%.

Leader · #28 02-02-2007, 01:40 AM

[ QUOTE ]
I could forsee a stop being placed until Neteller is capable of issuing a 1099 for tax purposes for each individual US account holder.

[/ QUOTE ]

I don't see how that is possible as NT has no idea how much people have made. They only know how much people moved through their system. People often cash out or buy in via a different method then NT. Even if we move past that, most of the money in the gamboling economy is in sites ATM not in NT. Therefore any information they have is incomplete unless that money were to go back through their system.

gamblor333 · #29 02-02-2007, 01:40 AM

This is terrible - I feel for you guys.

TomR · #30 02-02-2007, 01:42 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
So i am not a finance major but where are netellers funds? And how did they seize them again?

[/ QUOTE ]

most are probably illiquid right now and laddered in investments

[/ QUOTE ]

Please give some basis for this assertion. Hint, you might want to first read their financial statements:

http://investors.neteller.com/netell...AL11sep062.pdf

[/ QUOTE ]

"Hint" I've already seen them.

Only 20% of their total assets are liquid, can you see that?

[/ QUOTE ]
How would you define cash and cash equivalents? Illiquid?

Idiot