NETELLER Enters Agreement to Return FundsA Plan to Return Seized Money to Online Players Will Be in Place in 75 Days |
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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. Attorney's 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 NETELLER's announcement:
"The 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."
Please click here to read a story about NETELLER and the seized cash.
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 can't 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 isn't 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 can't 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 can't 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 can't 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.
Bob Pajich contributed to this report.
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