Neteller, the online payment processor that helped fuel the online poker boom but went south after its two founders were nabbed by U.S. authorities, eventually freezing approximately $55 million of its U.S. customers’ money, announced today that it has signed agreements with the US Attorney’s Office for the Southern District of New York and financial consulting firm Navigant Consulting, Inc., that outline a timeline under which Neteller “will work toward the orderly distribution of funds to its US customers.”
According to the press release though, players shouldn’t expect any formal plan on the disbursement until this summer, just as the World Series of Poker gets underway.
“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‚Äôs current financial condition.”
Ron Martin, who holds the enviable position (if you’re a saddo masochist) of being the NETELLER Group President and CEO commented, “We continue to be committed to returning funds to our US customers and working with the US Attorney‚Äôs Office. Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”
For the backstory, after the jump are links to some of our past posts on the Neteller shakedown as well as today’s press release from Neteller announcing it steps towards returning US customers’ funds.
NETELLER Takes Positive Step Towards Returning US Customers‚Äô Funds
Wednesday, 21 March 2007 ‚Äì The NETELLER Plc Group (LSE: NLR), the leading global independent online money transfer business, today announced that it has signed agreements with each of the United States Attorney‚Äôs Office for the Southern District of New York (‚ÄúUSAO‚Äù) and Navigant Consulting, Inc. (‚ÄúNavigant‚Äù).
On 8 February 2007, the Group announced that it was in discussions with the USAO to manage an orderly return of funds to US customers and that it was contemplated that a forensic accounting firm would be engaged, at the Group’s expense, to assist in this process and to examine the Group’s financial position.
The Group is pleased to announce that on 20 March 2007, it signed agreements with the USAO 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‚Äôs current financial condition.
‚ÄúWe continue to be committed to returning funds to our US customers and working with the US Attorney‚Äôs Office,‚Äù said Ron Martin, Group President and CEO. ‚ÄúProgress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.‚Äù
NETELLER is continuing to cooperate with the USAO‚Äôs investigation, under the advice of its legal advisers and in accordance with court orders in the Isle of Man.
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.
About the NETELLER Group
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange‚Äôs AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.