NETELLER Signs Agreement On U.S. Player Funds
With Department of Justice
But why will it take the e-wallet up to 75 days just to
announce a payment plan? The frustrations of US players
who have funds frozen in the Neteller vs. U.S. Department of
Justice debacle may nearly be over...but further patience
will be required before the issue is finally resolved,
according to a statement from the Isle of Man-based
e-wallet. The company says it has signed an agreement with
the US authorities for the transfer of funds back to its US
customers, and hopes to announce a plan within the next 75
days for the distribution of the frozen funds to US
customers. Neteller's latest move involves agreements with
each of the United States Attorney’s Office for the Southern
District of New York (“USAO”) and Navigant Consulting, Inc.
(“Navigant”).
On 8 February 2007, the e-wallet announced that it was in
discussions with the USAO to manage an orderly return of
funds to US customers and that a forensic accounting firm
would be engaged, at Neteller's expense, to assist in this
process and to examine the firm's financial position. This
has been followed, on 20 March 2007, with agreements with
the USAO and Navigant which sets the scene for funds to be
taken out of deep freeze and, among other things, outlines
terms and a timeline under which Neteller will work toward
the orderly distribution of funds to its US customers. But
this is not going to happen overnight. For reasons that are
not explained, Neteller claims it will take up to 75 days
before a plan can be announced for the distribution of the
funds to US customers. Navigant will also provide a report
to the USAO on the Neteller’s current financial condition.
"We continue to be committed to returning funds to our US
customers and working with the US Attorney’s Office,"
said Ron Martin, Group President and CEO at Neteller.
"Progress, while not always visible to the outside observer,
has been steady and these agreements mark a milestone in the
process." Neteller is continuing to cooperate with the
USAO’s investigation under the guidance of its legal
advisers, the statement confirms, adding the new information
that it is also acting in accordance with court orders in
the Isle of Man. The statement does not address the
repeatedly raised issue of interest accrued on the frozen
funds and who will receive it. Further updates with
relation to the US situation will be made as soon as there
are any material developments. In the meantime, US customers
should visit updates.neteller.com for more information,
including newly updated FAQs that provide additional
clarity, where the Group is able, around certain issues
currently being raised in a number of public forums.
Additionally US Customers can contact NETELLER Customer
Service on the web or by phone at 1-888-258-5859.
Neteller
promises funds back to customers |
