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  #1  
Old 03-23-2007, 06:16 PM
RagsTRiches RagsTRiches is offline
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Default NETELLER Enters Agreement to Return Funds

NETELLER Enters Agreement to Return Funds
A Plan to Return Seized Money to Online Players Will Be in Place in 75 Days
NETELLER announced today that it has signed an agreement with the government that will allow the company to distribute about $55 million that was seized earlier this year as part the crackdown against online gambling.

But poker players whose money is stuck in transit will have to wait at least 75 days until they see the money land in their accounts. To be perfectly clear, players shouldn't expect to see their money in their accounts in 75 days. The company is coming up with a plan to get the money back to U.S. customers, which will take up to 75 days.


NETELLER yesterday signed an agreement with the U.S. Attorneyís Office for the Southern District of New York and Navigant Consulting that will allow the eWallet to return millions of dollars that were seized as part of the investigation into the Canadian company. The company had been in negotiations with the government to allow it to return the funds since early February. The company says it will take about 75 days for a distribution plan to be developed and implemented.

Here is part of NETELLERís announcement:

ďThe Group is pleased to announce that on 20 March 2007, it signed agreements with the U.S.A.O. and Navigant which, among other things, outline terms and a timeline under which NETELLER will work toward the orderly distribution of funds to its U.S. 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.Ē



As part of this announcement, NETELLER expanded its frequently asked questions page for its U.S. customers. The following information was pulled from that page, which can be found at updates.neteller.com.

When will US customers get their money back?

A distribution plan will be announced within 75 days.

Who is Navigant and what will they be doing?

In negotiation with the U.S.A.O., NETELLER has agreed to engage independent firm Navigant Consulting Inc., to provide financial consulting and forensic accounting services to the company, including oversight of the process of returning funds to U.S. customers.

How will funds be distributed to US customers?

The actual mechanism for how funds will be distributed to U.S. customers will be determined during the next phase of the process. The U.S.A.O. and Navigant must approve the distribution plan and the company expects to be in a position to announce the distribution plan within the next 75 days.

Why will it take so long for US customers to get their money back?


NETELLER and the U.S.A.O. intend to ensure an orderly return of funds to US customers and such a process takes time to establish and execute.

Why canít NETELLER just send US customers checks, bank wires, or allow them to use their ATM cards?

The court-ordered seizure of funds, restrictions placed by third parties and related legal concerns have made it necessary to work to establish an orderly mechanism for the return of U.S. customer funds with the U.S.A.O. The agreements reached between NETELLER, the U.S.A.O., and Navigant pave the way for that process to be established.

Why isnít my account certified anymore?

US member accounts have been temporarily de-certified to revoke Peer-to-Peer capabilities. These accounts should be automatically re-certified in the next few weeks, but Peer-to-Peer transfers will no longer be available to US members.

Why has my NETELLER account been closed? Can I do peer-to-peer transfers?

If you recently performed a Peer-to-Peer transfer, your account may have been temporarily closed. Your account should be automatically re-opened within a few weeks, but you will no longer be able to perform Peer-to-Peer transfers.

How do I know if I am a US member?

If your registered address with NETELLER is a US address, you are considered a US member and all of the changes indicated here apply to you.

Why canít I access my instaCASH funds in my NETELLER account?

NETELLER has made a policy and technical change that has disabled instaCASH for US members.

Will I be able to use instaCASH again?

No decisions have been made regarding the future availability of this product.

Why canít I use my NETELLER Card anymore?

The NETELLER Card is not available as a withdrawal option at this time.

We are doing our best to restore our withdrawal options but don't know how long this will take. In the meantime all customer funds held by NETELLER are maintained in segregated trust accounts. We will try to communicate any pertinent changes as soon as practicable.

Why canít I get a NETELLER Card anymore?

We are temporarily not issuing NETELLER Cards in the US. The NETELLER Card is not available as a withdrawal option at this time.

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  #2  
Old 03-23-2007, 07:57 PM
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hdogg hdogg is offline
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Bit of good news.

  #3  
Old 03-23-2007, 08:33 PM
RagsTRiches RagsTRiches is offline
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Yes, I hope it go's through. I had just cashed in the Absolute Poker 100K tourney. I got 18th place for $1100.00 and that same night I played in the 9K Pro Bounty $100.00 buy in. I placed 3rd in that for $1300.00 and won another $900.00 on black jack. I cashed out at a few poker sites the next day and the day after is when Neteller locked up all USA members accounts there. I have a little over 7K sitting there in limbo.

  #4  
Old 03-24-2007, 12:21 AM
rambojr03 rambojr03 is offline
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Quote:
Originally Posted by RagsTRiches View Post
Yes, I hope it go's through. I had just cashed in the Absolute Poker 100K tourney. I got 18th place for $1100.00 and that same night I played in the 9K Pro Bounty $100.00 buy in. I placed 3rd in that for $1300.00 and won another $900.00 on black jack. I cashed out at a few poker sites the next day and the day after is when Neteller locked up all USA members accounts there. I have a little over 7K sitting there in limbo.
Hopefully there's no issue for you getting paid. I never left too much money in my Neteller account, but it'll still be nice to receive it.

  #5  
Old 03-24-2007, 12:48 AM
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Thank you for the news.

  #6  
Old 03-24-2007, 01:14 AM
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Isaac Haxton will be pleased. I think it was him who had $800K stuck in Neteller!

  #7  
Old 03-24-2007, 11:03 AM
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This is really good news because i tried to send $2,000 to my checking account from neteller and it never made it..I been pretty worried about it because i spent allot of hours making it

  #8  
Old 03-24-2007, 07:08 PM
RagsTRiches RagsTRiches is offline
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Quote:
Originally Posted by matt2401 View Post
This is really good news because i tried to send $2,000 to my checking account from neteller and it never made it..I been pretty worried about it because i spent allot of hours making it


Me also. I had tranfered to my bank when the chit hit the fan and it was stuck there. So after a week of seeing it on its way to my bank account I came up with the big idea, I would contact Neteller support, cancel the withdrawal and do a member to member transfer to a friend in the UK and have them send me a check. As soon as I canceled it they uncerified my Neteller so I couldnt move it.

 


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