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This press release was originally published on neteller's website. The good news is that it "seems" that neteller will be releasing the funds it seized from US Customers within the next seven days, though I cannot help but wonder at what cost will this so called 55 million be properly returned the US customers?
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NETELLER Takes Positive Step Towards Returning US Customers’ Funds
Wednesday, 21 March 2007 – The NETELLER Plc Group (LSE: NLR), the leading global independent online money transfer business, today announced that it has signed agreements with each of the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, Inc. (“Navigant”).
On 8 February 2007, the Group announced that it was in discussions with the USAO to manage an orderly return of funds to US customers and that it was contemplated that a forensic accounting firm would be engaged, at the Group's expense, to assist in this process and to examine the Group's financial position.
The Group is pleased to announce that on 20 March 2007, it signed agreements with the USAO and Navigant which, among other things, outline terms and a timeline under which NETELLER will work toward the orderly distribution of funds to its US customers. Per the agreements, the Group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers. Navigant will also provide a report to the USAO on the Group’s current financial condition.
“We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office,” said Ron Martin, Group President and CEO. “Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”
NETELLER is continuing to cooperate with the USAO’s investigation, under the advice of its legal advisers and in accordance with court orders in the Isle of Man.
Further updates with relation to the US situation will be made as soon as there are any material developments. In the meantime, US customers should visit updates.neteller.com for more information, including newly updated FAQs that provide additional clarity, where the Group is able, around certain issues currently being raised in a number of public forums. Additionally US Customers can contact NETELLER Customer Service on the web or by phone at 1-888-258-5859.
About the NETELLER Group
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.
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Citigate Dewe Rogerson
Sarah Gestetner or George Cazenove
Tel: +44 (0) 207 638 9571
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs2.5 License.
2007/03/22
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Is Neteller Ready to Return Our F-ing Money? |
2007/03/19
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Neteller hearing postponed yet again |
Surely coming as no surprise, the hearing for neteller execs Stephen Lawrence and John Lefebre has been postponed yet again. This time, April 16th is the new day of reckoning.
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Still seemingly unaccessable, however, sits the "55 mil" in US Dollars that remains tied up in "the system."
Rumours are also circulating that the charges will be dropped, but this is a rumour at best.
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2006/10/19
| [+/-] |
Neteller Confirms it WILL COMPLY with US Gambling Issue |
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Complete story here. Neteller has confirmed it will comply with the US Gambling Legislation. They stopped short of saying they're not servicing US customers for gambling related transactions, though they did express that how they interact with the US Marketplace going forward will be determined when the Federal Reserve Board and the secretary of the treasury confirm the regulations that are issued and to be followed.
To quote neteller says they will "…comply with the Act and its related regulations as if it were subject to the Act's jurisdiction. This action is intended to ensure that the Company is able to continue to operate with the support of its principal commercial partners and to protect its shareholders, business partners, employees and reputation."
Mike
