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#1
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press release
[ QUOTE ] ECHO today announced that it has been cooperating as a witness in a federal investigation relating to its Internet wallet customers that provided services to online gaming websites. Pursuant to a non-prosecution agreement expected to be executed shortly, the government will assure ECHO that it will not pursue any action against the company. ECHO has in turn agreed to disgorge $2.3 million, which represents management's estimate of the company's profits from processing and collection services provided to its Internet wallet customers since 2001, and to continue cooperating as a witness in that investigation. The company expects to incur additional legal expenses related to the federal investigation. Earlier this year, ECHO ceased all processing and collection services for its remaining Internet wallet customers. [/ QUOTE ] |
#2
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I don't get it. The regulations haven't even been written and they roll over and spew up profits dating back to 2001? $2.3M!? Maybe they made way more than $2.3M and jumped on the deal?
I'm not giving up my profits since 2001! I spend all my money on liquor and fast food anyway... and Lipitor, go figure. |
#3
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What eWallets used ECHO for clearing in the US ? ($2.3 million seems awfully low for 5 years "profits".)
My opinion, given the close physical proximity, and a Cassandra-like article in Gambling911, there WILL be the dropping of the other shoe, like this week AND my guess is that it will be epassporte, which like ECHO is located in the US. (This is just a guess, but I would hazard that epassporte is a likely target/candidate.) |
#4
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wow, i'd never even heard of this. I'm guessing this is how we're funding the war in Iraq these days, eh?
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#5
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[ QUOTE ]
My opinion, given the close physical proximity, and a Cassandra-like article in Gambling911, there WILL be the dropping of the other shoe, like this week AND my guess is that it will be epassporte, which like ECHO is located in the US. (This is just a guess, but I would hazard that epassporte is a likely target/candidate.) [/ QUOTE ] 1. ePassporte is located in the Netherlands Antilles, not the US. link 2a. The Gambling 911 article referred to new charges, not new arrests, which suggests that those charges are probably linked to an existing case. The government would be very unhappy if the word got out that "hey, we're going to make some high-profile arrests tomorrow!". 2b. There is some large chance that G911 is completely FOS. 3. Party stock is slightly ahead on light volume in early trading. The market does not seem to be expecting anything too dramatic to happen. ... I'm not trying to downplay the significance of the article that was posted in this thread. It's that kind of thing that we should be worry about, not this tinfoil hat stuff. |
#6
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[ QUOTE ]
wow, i'd never even heard of this. I'm guessing this is how we're funding the war in Iraq these days, eh? [/ QUOTE ] This should fund the war for about 15 minutes! |
#7
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"ePassporte is located in the Netherlands Antilles, not the US"
Nate, I will stand by my statement as to where they are located as a criteria of being a potential target. They have US written all over themselves. I would VASTLY prefer to be FOS, but I'm not on this one. (The timing prediction for this week is grandstanding, and purely a guess, but my evaluation of them as a candidate for DOJ harassment is not.) Keep the tinfoil hat for your own wardrobe. |
#8
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How come Party is no longer listed in the "FTSE 100"? Taken off yesterday.
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#9
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That ePassporte is moving to pick up a lot of the US gaming market is clear, Milton, but I doubt they are going to be a target any time soon unless they are foolish enough to fund sportsbetting sites. Anyone know for certain whether epass can be used at sportsbetting sites? If it can, then they better be careful about having any physical contacts with the US or Milton's prediction may well come true.
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#10
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ePassporte does not work at any sites that have sports betting.
Regarding OP: (1) Regs not written yet. (2) Ex post fact. (3) Disgorging profits? These all get a big WTF from me. |
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