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| Neteller confirms U.S. authorities have seized funds https://forum.costaricaticas.com/viewtopic.php?f=6&t=15511 |
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| Author: | Witling [ Sun Feb 11, 2007 4:41 pm ] |
| Post subject: | Neteller confirms U.S. authorities have seized funds |
Neteller confirms U.S. authorities have seized funds The Associated Press Published: February 8, 2007 LONDON: Payment processor Neteller PLC, which closed its U.S. operations after Internet gaming was banned there, confirmed Thursday that U.S. authorities have seized funds related to its U.S. transactions. Neteller said it was cooperating with an inquiry by the United States Attorney's Office for the Southern District of New York, which is stopping U.S. customers from receiving their money. "As a result of the restrictions placed by third parties, court-ordered seizures, and related legal concerns, the group is currently unable to make payments to U.S. customers," Neteller said in a statement. "The amount of funds seized by the USAO or otherwise restricted by third parties does not exceed US$55 million (€42 million)," it added. Neteller announced last month it was ceasing to handle gambling transactions from U.S. customers because of restrictive legislation and uncertainties about regulations, abandoning 65 percent of its worldwide business in the process. The company's move followed the arrest of two former directors in the United States who were charged with funneling billions of dollars in gambling proceeds to overseas betting operations. Canadian founders Stephen Lawrence, 46, and John Lefebvre, 55, each face a maximum sentence of 20 years in prison. The U.S. crackdown on online gaming began with the arrest of BetOnSports PLC Chief Executive David Carruthers in Texas last July. The industry was taken by surprise last autumn when Congress added a provision to a bill aimed at improving port security to make it illegal for banks and credit card companies to settle payments to online gambling sites, effectively banning online gaming. U.S. President George W. Bush signed the bill into law Oct. 14. The decision closed the most lucrative region in a market worth US$15.5 billion (€11.94 billion) last year in "spend" value — the amount gambling companies win from their clients, or the amount gamblers lose. Several European-based online gaming companies collapsed immediately after the decision while payment transfer companies initially appeared immune. Neteller, which is based in the Isle of Man and is publicly traded in Britain, did not pull out of the United States until a month ago. Its shares were suspended last month. Gaming operators Sportingbet PLC and Leisure & Gaming PLC both sold their U.S. operations for a token US$1. World Gaming PLC directors resigned, leaving the company in the hands of administrators. PartyGaming PLC, the world's largest gambling company, and BetOnSports PLC were among the others to suspend all real money gaming activities to customers in the United States. Private offshore operators continue to run such sites as Bodog.com, PokerStars.com and FullTiltPoker.com. |
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