Irish Online Gambling Firm Intrade Calls It Quits

Published Monday, March 11, 2013 -

The online betting firm Intrade founded in 1999 by Irishman John Delaney has called it quits after after the company said it had discovered potential financial irregularities. The Dublin based company which offered odds on real world events has had problems staying on the right track for a while now. The founder Delaney passed away attempting to climb Mount Everest in 2011 leaving behind a troubled firm that bent the rules in the USA by offering bets on election results which is prohibited in certain American states.

Last November the Commodity Futures Trading Commission, a regulator in the USA said the company had filed false annual forms with the agency, which misled authorities over which investors could enter into contracts on the firm’s web location. The Commodity Futures Trading Commission filed a civil complaint accusing the Irish company for offering contracts outside the traditional exchanges and without regulatory approval. The company which is not regulated by the Central Bank of Ireland said it was not inspected by the bank and local regulators were not involved in the latest difficulties facing the firm. Intrade issued a statement saying they will cease trading, settled all outstanding customer contracts and stopped users’ banking transactions from the Web site. “We will investigate these circumstances further and determine the necessary course of action,”

This statement sounds much like the one they announced back in November of 2012, “Unfortunately this means that all U.S. residents must begin the process of closing down their Intrade accounts,” the company said on its Web site. “We understand this announcement may come as a surprise and a disappointment, and we apologize for the short notice and haste required to deal with this.” From late 2007 through mid-2012, according to the Commodity Futures Trading Commission,Intrade “unlawfully solicited and permitted U.S. customers to buy and sell” futures contracts.

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