| Posted by: sdaddy at January 11, 2008, 10:47 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: Originally Posted by jetset
As part of the arrangements with the USAO, the Group implemented the Distribution Plan to return approximately US$ 94 million of funds owed to US customers. The Group has to date repaid approximately US$ 81 million of this amount. Any unpaid amounts are currently held in trust accounts with the Group’s bank. Under the terms of the Distribution Plan, US customers have until 26 January 2008 to withdraw their funds using the NETELLER website.
I'm surprised that there are $13 million in US customer funds still unpaid. Can it be that there were that many customers who, for whatever reason, did not withdraw their funds?
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| Posted by: jetset at January 11, 2008, 9:21 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
NETELLER Plc Pre-close Trading Update
Board confident 2007 results to meet market expectations – building momentum into 2008
Friday, 11 January 2008 – NETELLER Plc, the independent global online payments business, is pleased to provide a trading update in respect of its preliminary results for the year ended 31 December 2007, which the Company intends to release on Tuesday, 11 March 2008.
Trading update
The Board announces that the Group’s operating businesses have traded in line with management’s expectations in the fourth quarter and the Board is confident that the full year results for the Group will meet market expectations.
The Company will make the final payment of US$ 38.25 million on 16 January 2008 to the US authorities in respect of its obligations under the deferred prosecution agreement. This amount reflects recent discussions with US authorities confirming that US$ 57.7 million of the Group’s funds were seized, as opposed to the US$ 60 ... | | Read Entire Entry |
| Posted by: jetset at August 16, 2007, 9:42 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
NETELLER RESURGENT
e-Wallet expanding eastward with Aussie deal
With its US market exit and the hassles with the American legal authorities now almost behind it, the Isle of Man e-wallet Neteller has gone up a gear in its international expansion strategy with the announcement this week of a new Asia-Pacific involvement.
Describing itself as an independent global online payments business, the AIM-listed company disclosed this week that it has recently completed the acquisition of a strategic stake in Centricom Pty Limited. The key points of the investment are:
* Centricom operates the POLi payment platform in Australia and New Zealand.
* Neteller will pay a total of AUD$ 5 million (approximately US$ 4 million) for a significant equity position in Centricom.
* The deal extends Neteller's expertise as a payments hub for its merchants initially in the Asia Pacific region.
* Centricom Pty Limited is an Australian company based in Melbourne... | | Read Entire Entry |
| Posted by: jetset at August 3, 2007, 6:39 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
NETELLER CHIEF TELLS YOUTUBE USERS "WE'RE SORRY"
US players get frozen funds and an apology - at last
The Isle of Man based e-wallet Neteller started trying to repair the damage to trust that its 7 month run-in with US Department of Justice authorities caused by using the popular ideo streaming site Youtube.com this week to apologise to US customers.
A casually dressed Ron Martin, CEO of the company appeared in a ideoed statement, recapping the events that caused his company to freeze US accounts for six months and exit the US market.
Martin revealed that he had been following blogs and other public opinion sites on the issue, and touched on the firm's weak communications with customers. This was unavoidable due to the sensitive nature of negotiations as his company battled its way through DoJ allegations before finally agreeing to pay a major $136 million penalty (see previous InfoPowa reports)
After reprising the key points in the plan f... | | Read Entire Entry |
| Posted by: EasyRhino at August 1, 2007, 3:12 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
I also got my withdrawal on the next day. I know it was my money to start out with, but it still feels like I won a jackpot of a few thousand dollars.
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| Posted by: Philosopher at July 31, 2007, 3:08 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Well what do you know. Requested my withdrawal from NLR yesterday and it hit my bank account this morning! Just north of 19k I've been waiting on since all this started!
Really didn't expect to see that money again so this is a ery nice surprise.
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| Posted by: jetset at July 31, 2007, 9:23 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
The movement on Neteller's share price since their resurrection last Friday has been interesting, with up to 13 point fluctuations up and down on the London AIM.
When trading closed yesterday (Monday) they were down some 13 points at 68 p - it's a long way from the price on 16 January this year when they suspended trading - it was around 176.00 back then!
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| Posted by: sdaddy at July 30, 2007, 7:15 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: Originally Posted by lots0
Here is the release Neteller requires you to sign before you can get your money from them....
Actually, you are not required to sign it in order to request your money.
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| Posted by: lots0 at July 30, 2007, 4:38 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Here is the release Neteller requires you to sign before you can get your money from them....
Quote:
Release
You and NETELLER Plc Group (each, a “Releasing Party”) mutually release, waive, and discharge each other (each, a “Released Party”) from any and all manner of actions, causes of action, suits, promises, damages, judgments, executions, claims, counterclaims, demands, and any other form of liability whatsoever, in law or equity, known or unknown, that the Releasing Party ever had, now has, or hereafter can, shall, or may have against the Released Party from the date You opened Your Account to the Effective Date with respect to Your request to receive funds under the Distribution Plan and Your Account.
The additional definitions below apply to this release:
“You” or “Your” refers to you and any of your assigns, heirs, executors, agents, or anyone else acting on your behalf or in your capacity.
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| Posted by: jetset at July 30, 2007, 2:58 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Press release from Neteller out this morning (July 30)
Distribution Plan Implemented Today
Monday, 30 July 2007 – NETELLER Plc (LSE: NLR), the independent global online payments business, today announced that US customers now have access to their accounts online to request the withdrawal of funds.
As described in the Company's announcement of 4 June 2007, under the Distribution Plan agreed to with the United States Attorney's Office for the Southern District of New York, US customers will be able to commence the process to achieve a return of their funds currently within their NETELLER e-wallets.
US customers will be able to access their NETELLER accounts online until 26 January 2008 and make a request for their funds. In accordance with NETELLER’s Terms of Use, no interest on account balances will be paid.
NETELLER will not charge fees to customers to process requests for funds.
Funds will be distributed either by electronic transf... | | Read Entire Entry |
| Posted by: jetset at July 30, 2007, 8:22 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Firepay exited after Neteller, as far as I can recall.
I think you're right about the release form - almost certainly a move to preempt any future class or individual actions on the interest or any other issues arising from the manner in which Neteller has treated players and (possibly) their privacy.
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| Posted by: sdaddy at July 30, 2007, 3:33 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: Originally Posted by jetset
Regarding interest and APCW's passed on comment above - I wonder how much interest accrued to Neteller from that supposedly seperate and ringfenced players account? I would bet quite a tidy sum, and not at the ery least sharing it with players doesn't wash - if Neteller had the will there would, I am confident, be a way, and the IOM authorities would cooperate under these truly extraordinary circumstances that have so badly prejudiced US players.
This may have to do with why Neteller is asking (but not requiring) U.S. members to sign a release before they request their frozen funds. It could be a way to shield them from future lawsuits related to the accrued interest.
Quote: Originally Posted by jetset
Quote: "Our actions in Canada were in line with other payment processors and gaming operators who saw a change in that market at the same time as us." Unquote
That strikes me as flannel - what cha... | | Read Entire Entry |
| Posted by: jetset at July 28, 2007, 9:35 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: "Our actions in Canada were in line with other payment processors and gaming operators who saw a change in that market at the same time as us." Unquote
That strikes me as flannel - what change? what other processors and operators?
There were none until Neteller pulled the Canadian plug without any apparent reason (unless it was behind-the-scenes pressure from the DoJ who were holding two of Neteller's major shareholders)
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| Posted by: jetset at July 28, 2007, 9:32 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: Originally Posted by kengam
Pay us our damn money already. I want my 70 grand and be rid of this whole ugly industry
Part of the Neteller settlement with the DoJ is that payment of US players starts no later than 30 July....so Monday is the date that things should start rolling.
But with $94 million to repay to scores of thousands of US players it may take awhile. US players have been informed that they can access their accounts and put in their withdrawal orders right up to January 2008 (does that hint at how long this process could take? Maybe.)
Regarding interest and APCW's passed on comment above - I wonder how much interest accrued to Neteller from that supposedly seperate and ringfenced players account? I would bet quite a tidy sum, and not at the ery least sharing it with players doesn't wash - if Neteller had the will there would, I am confident, be a way, and the IOM authorities would cooperate under these truly extraordinary circumstances ... | | Read Entire Entry |
| Posted by: theAPCW at July 27, 2007, 10:06 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
=== Neither the APCW nor I have the authority to speak on behalf of NETeller =====
That said, in regard to the closure of operations in Canada:
"Our actions in Canada were in line with other payment processors and gaming operators who saw a change in that market at the same time as us."
In regard to the question of interest on the funds:
"...we are not regulated as an entity that is allowed to offer interest bearing accounts (e.g. not a bank), and so our member T&Cs don't allow it."
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| Posted by: theAPCW at July 27, 2007, 8:55 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: Originally Posted by jetset
Nevertheless, these are legitimate and alid questions that Neteller has not answered - and they are pertinent to those of us who use/used this "service" and would like to hear what the management rationale behind this remarkable decision might be.
Yes, all questions are alid.
I can certainly steer Mr. Starr this way and see if he would have an interest in a follow-up segment. NETeller is still walking a thin line for the moment... not as razor thin as a month ago, but certainly uncomfortably thin.
I still believe that NETeller felt they had no choice but to leave Canada... just like they left the US. I do not believe that they would have abandoned another lucrative market while in the ery midst of already difficult financial times if they didn't honestly feel they absolutely had to.
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| Posted by: jetset at July 27, 2007, 4:43 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
When Neteller wrote those T&Cs I doubt that anyone could have envisaged the world of trouble that they would face and the fact that US player funds would be tied up for six months.
I therefore don't buy into the T&C rationalisation, and I would enture to suggest that even in an Isle of Man ringfenced seperate account there was a tidy amount of interest accruing.
And we have yet to see a Neteller explanation for the precipitous exit from Canada.
So, yes - as you say "But it would be good to hear them answer."
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| Posted by: lojo at July 27, 2007, 4:16 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Great points, and thanks for the NLR update Jetset.
If memory and reason serves me, the the T&C say that accounts bear no interest. It would be a great gesture to offer it, but they are a little strapped right now. As for Canada there may be too many banking links with the states, and the border too porous and easy for we Yanks to open accounts there with a 'buddy'. But it would be good to hear them answer. I would guess though that J. Todd was able to land the iview by assuring a pre-arranged set of questions... is it too late to add some?
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| Posted by: jetset at July 27, 2007, 12:52 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Nevertheless, these are legitimate and alid questions that Neteller has not answered - and they are pertinent to those of us who use/used this "service" and would like to hear what the management rationale behind this remarkable decision might be.
Whilst you have their ear, it's a good opportunity to ask them, if only to watch the tap dancing that may or may not follow....
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| Posted by: theAPCW at July 27, 2007, 9:39 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
It is my belief that NETeller pulled out of Canada because the political puppets running the show up there were manipulated by US Authorities. Basically, the current Canadian government will do whatever the Bush Boys want.
As far as interest on the NETeller money goes, I suppose that's an issue you would need to take up with the US Department of Justice. I'm just happy to be gtting the cash back instead od "seized as evidence".
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| Posted by: Auditor at July 27, 2007, 7:44 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
We have an exclusive interview between J Todd with www.APCW.org and Dan Star, the Executive Vice President or Sales and Marketing for The Neteller Group!
These questions will be answered:
When will I be able to request my money?
How do I request my money?
How long will it take to get my money?
APCW.org :: Log in
Register with APCW.org and Join the Fight!
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| Posted by: jetset at July 26, 2007, 9:34 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
HOW ARE THE MIGHTY FALLEN (Update)
2006 Neteller numbers show how badly US troubles impacted the e-wallet
Whilst the weak Neteller Quarter 1 2007 numbers was the focus of attention of most analysts yesterday (Wednesday), it was the year prior to the clash with the US authorities that best served to illustrate how successful the company was before its US troubles began with the arrest of founders Lawrence and Lefebvre in the US in January this year.
Results for 2006 showed impressive gains across all business metrics, with the most significant achievements made in its global expansion. Revenue was up by 50 percent from 2005 to 2006, and the company's customer base grew more than 50 percent.
CEO Ron Martin commented: "The third quarter [2006] marked another milestone with the addition of our three millionth customer,"
He added that the active customer base was up by 29 percent to 640 701 active customers in 2006. That included 489 535 U.S. c... | | Read Entire Entry |
| Posted by: EasyRhino at July 26, 2007, 4:15 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: Originally Posted by Mousey
That doesn't sound good.
Note that the cash balance figure doesn't include customer accounts. Actually, I don't know if the amount in customer accounts is even regularly disclosed in the financials.
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| Posted by: Swede at July 25, 2007, 9:42 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Actual balace is quintuple that amount, liquid. And that, for comparisons sake, is just the yearly salary of the next highest paid CEO or GM or manager there. God bless them, each and everyone...
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| Posted by: jetset at July 25, 2007, 5:29 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Neteller issued a delayed first quarter trading report today (July 25)
The report is hardly positive - after restructuring costs of over $12 million and other expenses the company posted a pre-tax loss for the three months to March 2007 of $14 million compared to a profit of $16 million the year previously.
Employees now number 425 in total, and the company has embarked on a major initiative to "....realign its cost base with anticipated revenues on a worldwide basis”.
Cash balances after its recent $136 million settlement with the US DoJ are at $74.5 million.
Neteller has been re-admitted to the AIM.
Severe attrition to customer base - the active customer base outside of the US has fallen over two-thirds down to 99 575.
First quarter group revenue, including a partial contribution from the US and a full quarter’s contribution from Canada (which the company also exited towards the end of the period) was $32.7 million from $71.8 milli... | | Read Entire Entry |
| Posted by: Mousey at July 19, 2007, 9:37 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
From The Register
Neteller reaches supergrass agreement with DOJUS customers to get money back no later than 30 July
By Burke Hansen in San Francisco → More by this author
Published Thursday 19th July 2007 10:10 GMT
Mobile computing: Opportunities and risk - Free whitepaper
Neteller has reached an agreement with American authorities concerning its financial transactions with American internet gambling customers.
The agreement, coming barely a week after two of its former founders reached plea agreements with the Department of Justice (DoJ), requires a forfeiture of $136m to the American government, a sum that includes approximately $60m in American customer assets frozen by the DOJ earlier in the year. Those disputed funds will be returned no later than 30 July.
The resolution of the Neteller case is good for Neteller's American customers, and good for the company itself, but ery bad for irtually everyone else in the online gambling indust... | | Read Entire Entry |
| Posted by: Luigish890 at July 19, 2007, 10:00 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
I'l be honest, I was actually expecting a heavier fine. Anyone wonder whether they'l be some information bargaining going on
I still think there will be more skeletons coming out, or maybe this has left a 'conspiracy theory' taste in my mouth!
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| Posted by: vinylweatherman at July 19, 2007, 6:52 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Quote: Originally Posted by EasyRhino
Man, Neteller is jacked. Their profit in 2006 was $55 million, and liquid cash on hand was approx $135 million. And now they're going to disgorge $136 million.
Neteller wont be paying this though, they will pass this on through increased charges for it's services. Most likely, they will nudge up fees charged to casinos for processing transactions (players don't see this), but they will also look at extra charges for customers, although they will be careful not to drive them away.
When they DO relist, this forefiture will be a serious dent in profits for many years to come, and shares will probably open at basement prices, and will be an investment for either the ery brave, or the ery stupid, until such time as the positions of the other countries around the world becomes clear. They have already lost Canada, Turkey, and now Israel is for the chop
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| Posted by: EasyRhino at July 19, 2007, 6:31 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Man, Neteller is jacked. Their profit in 2006 was $55 million, and liquid cash on hand was approx $135 million. And now they're going to disgorge $136 million.
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| Posted by: lojo at July 19, 2007, 3:33 am | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Bad precedent for NLR to buckle under. Perhaps we are still a colony and police the motherland? How is it that a foreign corporation, in a sovereign land is subject to US law? Can I be prosecuted by a foreign govt. if one of their denizens participates with me in an activity illegal under their laws? How far can this concept reach?
Of course my guess is that it was all part of a deal to save the founders, but who was sacrificed on their behalf? What else is to be revealed?
This is a sad day in US-Brit financial/legal affairs, and international 'law'. The ramifications are staggering.
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| Posted by: Mousey at July 18, 2007, 10:33 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
DOJ press release:
United States Attorney
Southern District of New York
FOR IMMEDIATE RELEASE CONTACT: U.S. ATTORNEY'S OFFICE
July 18, 2007 YUSILL SCRIBNER,
REBEKAH CARMICHAEL
PUBLIC INFORMATION OFFICE
(212) 637-2600
ISLE OF MAN-BASED INTERNET PAYMENT COMPANY NETELLER PLC
ADMITS CRIMINAL WRONGDOING AND AGREES TO FORFEIT
$136 MILLION FOR CONSPIRING TO PROMOTE
INTERNET GAMBLING BUSINESSES
MICHAEL J. GARCIA, the United States Attorney for the
Southern District of New York, announced today that NETeller PLC
("NETeller") -- an Internet payment business based in the Isle of
Man and publicly traded on the Alternative Investment Market
("AIM") of the London Stock Exchange -- has admitted to criminal
wrongdoing and has agreed to forfeit $136,000,000 in criminal
proceeds as part of an agreement to defer prosecution of NETeller
for its participation in a conspiracy to promote Internet
gambl... | | Read Entire Entry |
| Posted by: silcnlayc at July 18, 2007, 8:23 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
The USA must get all the funds they can to cover all the lawsuits against them from other countries for WTO iolations...just feathering their nests until they open USA up to all online casinos...IMHO
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| Posted by: pokeraddict at July 18, 2007, 7:44 pm | | Topic: NETeller settles w/DoJ Forum: Casino Meister |
Was just about to post this. I keep wondering about Ecocard and ePassporte's thoughts. I know ePass has taken the opinion that if they don't handle sports gambling they are OK. At least it sound like US players will get their money. Luckily I'm not owed anything.
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