Midas Oracle .ORG

Chris F. Masse February 3rd, 2007

—

John David Lefebvre, Neteller co-founder, was arrested and charged with transferring billions from U.S. citizens to overseas gambling companies.

Photo Credit: Artist’s Rendering By Shepard Via Bloomberg News Photo

—

Wash Post:

Neteller, which had provided payment services to more than 80 percent of worldwide gaming merchants, watched its business swell after PayPal and parent company eBay agreed to leave the business and forfeit $10 million to settle civil charges three years ago over financial transfers to offshore and online gambling firms.

Now, however, with the arrest of two of its founders, the British Web site is scrambling to exit the U.S business. Neteller is besieged with requests from frustrated bettors who want to recoup billions in deposits and winnings. The money is being held in trust accounts while the company holds conversations with the Justice Department about the status of its executives and other board members.

“The answer is, it’s a bit confused at the moment,” Neteller spokesman George Cazenove said. “I’m sure they will get their money back. You’ve got to give Neteller a bit of space.“

SportBooks Review - 02.01.2007 - (07:45 PM CST)

Neteller cuts off remaining withdrawal options for U.S. citizens. Six days after the Neteller debit card service was discontinued, U.S. users find they are unable to transfer to peers in other countries. Non-U.S. users currently have the ability to move funds normally. Neteller’s FAQ page was updated today.

Why can’t I perform Peer-to-Peer transfers anymore?
In order to ensure that US members do not use NETELLER with the intent to gamble online, NETELLER is no longer offering its Peer-to-Peer service in the US.

Although Neteller assures players that funds are safe and will be paid after an undisclosed period of time, large balance holders are aggressively pursuing the use of non-US bank accounts to withdraw funds.

Abacus:

Posted Fri January 26 2007 10:49 AM

I requested 3 checks from 3 different offshore gaming entities within a two hour span on Wednesday. I paid the $30 fee for TS to ship it via FedEx and received it at 9 AM this morning. I also opted for airmail with the other firms. The other firms said they had large backlogs due to large numbers of customers requesting funds. TS never said if they were experiencing larger than normal payout requests but judging by remarks in the forum and elsewhere on the net one could reasonably assume they were.

I think they did a hell of a job processing my withdrawl in such a speedy manner. I was only adjusting my balance and did not request all my funds.

This message has been edited [i.e., censored]. Last edited [i.e., censored] by: Trade Exchange Network, Mon January 29 2007 06:10 AM

• Analysis (Industry) , Regulations
• Comments(1)