Neteller News! - Poker Affiliate World - Poker Affiliate Programs Discussion and Forums

Brandon · #1 03-21-2007, 05:26 AM

Quote:

Neteller and Sportingbet NEWS ALERT

Neteller has announced it has signed an agreement with the US authorities for the transfer of funds back to its US customers. The company hopes the process will be completed within 75 days.

Meanwhile, Sportingbet has announced it has reached an “amicable resolution” with the St Landry district attorney in Louisiana. In a statement to the London Stock Exchange this morning, the company said all related warrants issued by the Louisiana state police have been cancelled with immediate effect. “Both Sportingbet and the St Landry district attorney now consider the matter closed,” the statement added.

Neteller’s deal with the US Attorney’s Office (USAO) for the Southern District of New York and a company called Navigant Consulting means the company now has an outline of terms and timeline for the orderly distribution of funds. Navigant will also provide a report to the USAO on Neteller’s current financial position.

Neteller said it continues to cooperate with the US authorities. The company has been in discussions ever since it exited the US market following the arrest of ex-directors and founders Stephen Lawrence and John Lefebvre.

Ron Martin, group president and chief executive of Neteller, said: “We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office. Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”

Sportingbet’s problems with Louisiana began when the company’s ex-chairman Peter Dicks was arrested on a warrant from the state last year. Dicks was eventually freed by a New York court.

from
http://www.egrmagazine.com/item/1683
Sign up at ERG if you have not already, great news source.

PokerProp · #2 03-21-2007, 05:59 AM

Looks good, great post

Brandon · #3 03-21-2007, 06:01 AM

Yes pretty exciting for those who have 3 months of affiliating and one hell of a poker run in there.

SmackDog · #4 03-21-2007, 12:14 PM

The distribution of funds will not be completed within 75 days. Here is a quote from the NEteller release itself:

"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."

So after 75 days you can only hope that they have a plan... and that is not even a certain it sounds like.

While it is encouraging to hear they are moving forward to getting US customers their money back, I don't think it will be done for a lot longer then the 75 days they are claiming.

SmackDog

SmackDog · #5 03-21-2007, 12:15 PM

Here is the link to the Neteller Press Release that I received today:

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

Smack

Beanie · #6 03-21-2007, 02:00 PM

its certainly better news

the27offsuit.com · #7 03-21-2007, 02:36 PM

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adioking · #8 03-21-2007, 09:06 PM

This is very good news, but I don't think we should count our chickens before they hatch. The question is, what has been done with our PRIVATE data? Who has seen it? What consequences are going to arise from it?

Would you consider any of the funds held by Neteller to have been "constructively received" since access to the funds is not feasible? As you may or may not know, any funds that have not been "constructively received" are not taxable under US tax law.

ucladave · #9 03-21-2007, 09:50 PM

I think its interesting that they signed an agreement to get the funds back, but arent sending back right away. I dont mean the $55 million that was actually seized, I guess the red tape there makes sense on 75 days. However, money sitting in neteller "trust" is free and clear and should be able to be sent back immediately if an agreement has been inked. I think they just want to hold on to 75 more days of interest...

PPP · #10 03-22-2007, 01:38 AM

You seem to not get that they have no way to send the money.