NETELLER RECORDS OF THE TRADESPORTS-INTRADE CLIENTS WHO ARE US CITIZENS/RESIDENTS ARE NOW IN THE HANDS OF THE US DOJ AND IRS.
Chris F. Masse February 9th, 2007
Following yesterday’s story on the $55 million of US money (from NETeller clients) held hostage by the US government… Via our Daniel Horowitz (who should set up a blog at WordPress.com), Russ Fox:
First, Neteller is considered to be a foreign financial institution. If you have a foreign bank account, and have $10,000 or more in a foreign bank account(s) at any one time, you are required to file Form TD F 90-22.1 by June 30th of the following year with the Department of the Treasury and check the box at the bottom of Schedule B. If you have a foreign bank account and don’t declare it, you can face civil and/or criminal penalties. Anyone who received $10,000 or more in one transaction from Neteller had a foreign bank account. I expect the Treasury Department to check their records and come after those who didn’t declare their Neteller account. A few individuals may even face criminal prosecution over this, if they had extremely large transactions from Neteller.
Second, the IRS will check their records and see if individuals receiving funds from Neteller declared gambling winnings. The IRS will almost certainly target those receiving large amounts. If an individual received large amounts from Neteller, and didn’t declare any gambling winnings, now is the time to amend your return, and pay the tax, interest, and penalties. It’s almost always better to come forward to the IRS than to have the IRS knock on your door. [...]
TAKEAWAY: They promise you bank secrecy, incorporate in the Isle of Man (a tax “heaven”), but they will sell you down the river in order to cover their ass, at the first opportunity.
QUESTION: I would like to see the face of at least one of the idiots who paid 300 bucks to attend the crappy PM conference to hear TEN CEO John Delaney (of TradeSports-InTrade) saying (via Skype [*]) that everything was “business as usual”.
[*] He was advertised as being a conference speaker. Another proof (in a long list) that John “phoney” Maloney (alias the “San Francisco clown”) is not a trustworthy person, in my judgment.
Previous: A big trader voices criticism of TradeSports-InTrade. + Goodbye TradeSports-InTrade
- Regulations
- Comments(3)
CEO John Delaney with his comment of “business as usual” has apparently made it very clear that he is not to be trusted. He should be more careful making comments like that.
Exactly. That’s the problem. You trust people with a good track record.
- CFTC-regulated InTrade USA did not happen.
- InTrade Board of Trade did not happen.
- Prediction Market Awards did not happen.
- Arbitration Settlement Committee did not happen.
http://www.midasoracle.org/200.....committee/
- “Increased liquidity due to the new fee structure” did not happen.
- “Business as usual” did not happen.
Track record is bad. Re-gaining people’s trust is of course still possible, but it requires a big effort —and an ounce of humility.
Psstt… It’s only my view, but his idea of a common platform for all prediction exchanges is misguided and will go nowhere. (That said, good luck to them.) A better idea would be for a third party to set up a mashed-up feed or APIs from all prediction exchanges —just an idea. It should be done by external programmers, and there should be competition between different service providers.
[...] NETELLER RECORDS OF THE TRADESPORTS-INTRADE CLIENTS WHO ARE US CITIZENS/RESIDENTS ARE NOW IN THE HAN… Read the last blog posts by Chris. F. Masse:Sets of play-money and real-money prediction markets - [...]
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Internet gambling ban has passed.
http://www.midasoracle.org/200.....as-passed/
Neteller will comply with the Unlawful Internet Gambling Enforcement Act of 2006.
http://www.midasoracle.org/200.....t-of-2006/
Reality check on TradeSports-InTrade’s recent statement
http://www.midasoracle.org/200.....statement/
TEN CEO John Delaney finally admits that the new law will cut off TradeSports-InTrade’s revenues.
http://www.midasoracle.org/200.....-revenues/
Internet Gambling Crisis - AGAIN
http://www.midasoracle.org/200.....sis-again/
Using NETeller for TradeSports-InTrade, no more
http://www.midasoracle.org/200.....e-no-more/
TradeSports-InTrade John Delaney won’t travel to the U.S. anymore.
http://www.midasoracle.org/200.....s-anymore/
Criminal prosecutions related to online gambling will be pursued even in cases where assets and defendants are positioned outside of the United States.
http://www.midasoracle.org/200.....ed-states/
TRADESPORTS-INTRADE HAS REMOVED NETELLER AS A DEPOSIT AND WITHDRAWAL METHOD FOR ALL MEMBERS –NOT JUST THE US CITIZENS AND RESIDENTS.
http://www.midasoracle.org/200.....residents/
NETELLER RECORDS OF THE TRADESPORTS-INTRADE CLIENTS WHO ARE US CITIZENS/RESIDENTS ARE NOW IN THE HANDS OF THE US DOJ AND IRS.
http://www.midasoracle.org/200.....j-and-irs/
NETeller money seized by U.S. prosecutors will be returned to NETeller’s (now, former) U.S. customers.
http://www.midasoracle.org/200.....customers/
Will InTrade-TradeSpots lose big after the (hypothetical) passing of the 2007 Internet Gambling Regulation and Enforcement Act???
http://www.midasoracle.org/200.....ement-act/
US DOJ searches financial records for traces of Internet gambling and betting.
http://www.midasoracle.org/200.....d-betting/