Day Of Reckoning Nears For NETeller

Published: Friday, June 01, 2007 Online-Casinos.com

DAY OF RECKONING NEARS FOR NETELLER

US online gamblers payday could be June 4


The 75 day period that Neteller said was necessary to organise the payout of US online gamblers ends on June 4, but there has still been no sign that the patience of American players is about to rewarded.

When Neteller pulled out of the American market in January of this year following the arrest of its founders Stephen Lawrence and John Lefevbre, the Isle of Man e-wallet suspended trading in its shares on the London stock exchange and froze the accounts of American players, claiming intervention by the US Department of Justice.

Later it announced that players funds would be returned, but that this could take up to 75 days to organise (see previous InfoPowa reports) Those 75 days are almost up, and US players are speculating on whether they are likely to be paid out on time.

In a press release dated March 21 the e-wallet informed that it was "....pleased to announce that on 20 March 2007, it signed agreements with the US Attorneys Office and Navigant which, among other things, outline terms and a timeline under which NETELLER will work toward the orderly distribution of funds to its US 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. Navigant will also provide a report to the USAO on the Group'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. "Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process."

Meanwhile, Lefebvre and Lawrence remain untried, and the Neteller shares are still suspended.

InfoPowa asked Neteller for a comment or progress report on the issues, but as at press time no response had been received.