Neteller

[mavs1978]

I believe neteller is going to pay its US customers. First.. its not as if the execs of the compnay are just going to be able to take this money for their PA's and run with it. This is a publically traded company and their are rules they must follow. In order to steal the money they would have to break every law in the book and would arrested or have to run for good. this will not happen.. these guys are already so rich their is no upside in this for them.. So, if they were going to keep the money .. it would belong to the owners of the compnay( the shareholders) and i dont see this as very likely either. are they going to pay some sort of special one time diviend to the shareholders? it does not appear that anyone expects that as the the stock is basically at all time lows.
the main thing everyone has going for them here is that its a publically traded company and these execs hate this situation almost as much as us americans.

[Seattle Slew]

I hope you're right, but I just don't see it happening. I don't think people with money there in the US will ever get paid.

[durito]

bet on sports was a publicaly traded company, they stole everyone's money.

[Seattle Slew]

One theory (among many) is the US will strike a deal with all the Neteller people and keep the money.

The theory being US considers the money being used for illegal purposes. For example, drug money seized is not returned to customers. Crazy comparison, but who knows what the US will try and do with the money.

If Neteller founders and current execs were presented with that option, what do you think they'd do? Screw the US customers, but you walk? I think we know the answer.

[MBENZ]

bet on sports was a publicaly traded company, they stole everyone's money.

100% correct,but if you are a true believer in raiders theory..our money is in escrow and everybody will be paid

[mavs1978]

neteller and bet on sports are far differnet animals.. neteller is a real bsuiness with some sort of future

[mjc257]

Nobody's getting paid in the forseeable future. That's the bottom line.

[justbet]

the DOJ can take the money if they want and there is nothing you could do about it

[increasedodds]

You could certainly sue the federal government and you would probably win.

It is not illegal to gamble. Illegal seizures are covered by the constitution.

I doubt the US government is going to seize all of neteller's funds, but if they did, I guarantee class actions would be brought...

Sean

[Wild Reet]

Neteller Update:

http://www.neteller-group.com/press/en/126.htm

"the Group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers."

Looks like you dogs might get paid after all.

In June.

[slash]

Great news for US customers.... but the news is useless unless you get all your money back.

[louis]

This is very very good news

The fact they have signed an agreement to return US funds is very good news.

I agree that unless the money is actually returned, this news is worthless, but the probability the money will be returned has increased significantly.

At this point would any of you guys take 75 cents on the dollar for your neteller balance? I wouldn't, but yesterday I would have.

[Dark Horse]

They sound like a political party.

"A plan will be announced in 75 days."

That means absolutely nothing. Merely a statement to give the appearance of integrity, that upon closer inquiry reveals a total lack thereof. Something to keep shareholders quiet, something to buy time and keep US customers off their backs.

A plan? What did they not say? Did they say that US customers would be paid in 75 days? Clearly not. Besides the broad time frame of 75 days to come up with a plan, also consider the timing of this statement, now that US voices for a class action lawsuit against Neteller are becoming stronger.

What are they saying by referring to an outside group to oversee the process of returning funds? That the simple task of paying US customers their money is complicated. That it could take a long time. Whatever happened to those quick money transfers all of a sudden?!

They're also saying that they will only return US customers their money after the US government unfreezes the funds. So they're passing the buck. They could pay everybody right now by taking some f*cking responsibility. But they're not.

When you tell your kid to clean up his room, do you expect him to return with a statement that he will present you with a plan in another 3 weeks? "F*ck you" is what they're saying.

F*ck them.

[nep1293]

I guess that is good news. But if the main objective from both the US gov and Neteller was to return the funds to US customers I would think all it would take would be a phone call to banks to accept EFT's and such. The fact that 75 days are needed for a plan to return funds seems a little strange. It just shouldn't be that difficult. As long as I get my money back I am willing to be patient and wait, but if I am going to be screwed I'd rather just know now so I can put this hole situation behind me

[marc]

The funds that the US government seized belonged to NEteller. Those funds did not belong to Neteller customers. I find it very interesting how at first Neteller kept saying not to worry, we protect all in transit funds. Then suddenly, they've been tyring to convince people over time that the funds that were seized were customer funds.

My impression form thier statement is that atthis point, there is a high likelihood that Neteller won't be indicted. SO the only goal now is to hold onto our money for as long as possible so that they can earn interest on it.

I'll alos remind everyone that BOS signed an agreement with the DOJ 4 months ago, agreeing to pay everyone back, and no one has recieved a penny.

[increasedodds]

A forensic accounting team breaks down a companies worth, revenue, where it came from, etc and is often used in criminal or civil settlements. If you google forensic accounting you get lots of details.

My read is that the US government wants to know how much money was made from US transactions and will assign a fine based upon this amount.... It will easily take 75 days for this team to figure out the amount Neteller made from the US. WIll probably be extended.


This is what we call top notch extortion.

A. Find company you don't like operating elsewhere.
B. Arrest founders on bullshit reasons.
C. Freeze peoples' money illegally and create negative publicity for company.
D. Negotiate a settlement (Probably millions of dollars) in exchange for unfreezing money, dropping charges against founders, and no indicting company.

Nothing like stealing millions from a foreign corporation. Where the hell is the UK government's involvement NOW? Do they give a shit????

We live in the most corrupt country in the world because not only is our government corrupt, but it is backed by a strong enough military that no one dares fight it.

Want to see some other good government extortion - google Chiquita (Spelling?) bananas and terrorists. Gov got $25million in that one. Or look up sportingbet - $400,000 in that one. Pathetic. I can't wait till the world rebels against the United States.

-Sean

[slacker00]

Great write-up Sean!

Where the hell is the UK government's involvement NOW?

The UK is USA's lap dog.

[Korchnoi]

The fact they have signed an agreement to return US funds is very good news.

I agree that unless the money is actually returned, this news is worthless, but the probability the money will be returned has increased significantly.

At this point would any of you guys take 75 cents on the dollar for your neteller balance? I wouldn't, but yesterday I would have.

I agree the debt should trade higher now, therefore it's good news.