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Neteller resolution??

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  1. mrj1966 mrj1966 is offline

    New Providence, NJ
    United States

    Posts: 72
    Joined: Aug 06

    Jul 18th, 2007 (7/18/2007 12:21pm)

    Could it be true??

    <H2>NETELLER Announces Settlement of US Situation</H2>

    Wednesday, 18 July 2007 - NETELLER Plc (LSE: NLR), the independent global online payments business, today announces that the Company has entered into a Deferred Prosecution Agreement (“DPA”) with the United States Attorney's Office for the Southern District of New York (“USAO”). The DPA represents the resolution of the USAO’s investigation into the Company.

    Pursuant to the DPA, the Company has consented to the filing of a criminal information relating to transactions between Internet gambling merchants and persons located in the United States. The USAO has agreed to defer the prosecution of any federal charges and, as a consequence, the Company will not be convicted of any federal crime, as long the Company fulfils the set conditions of the DPA during the two year term of the agreement. At the conclusion of the two year term, the criminal information will be dismissed. The key terms of the DPA are set out in more detail later in this announcement. The United States District Court for the Southern District of New York has approved the deferral of the prosecution. As part of the DPA, the Company has also agreed to forfeit US$ 136 million to the United States. This amount includes the approximately US$ 60 million that the USAO has previously seized.

    Additionally the Company announces:
    • <LI>Following this resolution, the Company will seek to publish its audited annual accounts for 2006 and have its shares restored to trading on AIM as soon as practicable thereafter.
      <LI>The Company is using its best efforts to allow withdrawal requests as soon as possible and US customers will be able to sign in to their NETELLER account to request the withdrawal of their funds by no later than 30 July 2007. The exact date upon which US customers will be able to make requests will be communicated to US customers via email and through our website. </LI>
    Ron Martin, President & CEO, said “This agreement resolves the USAO’s investigation relating to the Company’s former US business activities. We believe that this settlement is in the best interests of NETELLER and its shareholders."

    “Our customers, employees and shareholders have all patiently waited for this resolution. We anticipate within the next few weeks that we will have fully implemented the plan for the return of funds to our US customers and are hopeful that, by that time, we will have restored the Company’s shares to trading on AIM. We can now begin to refocus our efforts on building and strengthening the NETELLER business in the growing markets of the European and Asia Pacific regions. I look forward to sharing further information about the Company’s progress over the coming months.”
  2. Numskull21 Numskull21 is offline

    Aberdeen, SD
    United States

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    Jul 18th, 2007 (7/18/2007 12:23pm) in reply to mrj1966

    Great news!
  3. TrafficKing TrafficKing is offline

    Tucson, AZ
    United States

    Posts: 3,566
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    Jul 18th, 2007 (7/18/2007 12:25pm) in reply to Numskull21

    weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee ee
  4. BudmansCom BudmansCom is offline

    Clive, IA
    United States

    Posts: 1,671
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    Jul 18th, 2007 (7/18/2007 12:27pm) in reply to mrj1966

    "As part of the DPA, the Company has also agreed to forfeit US$ 136 million to the United States. This amount includes the approximately US$ 60 million that the USAO has previously seized."

    hmmm... That $60M represents those EFTs that were in progress when NT got "frozen" by DOJ. Does that mean we cannot get that portion of our account balance that was pending EFT?
  5. sp3685 sp3685 is offline

    Manalapan, NJ
    United States

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    Jul 18th, 2007 (7/18/2007 12:44pm) in reply to mrj1966

    For the full article, go here: http://www.neteller-group.com/press/en/136.htm

    Let's hope this is legit
  6. BarryGS BarryGS is offline

    Posts: 295
    Joined: Dec 05

    Jul 18th, 2007 (7/18/2007 12:52pm) in reply to BudmansCom

    I was wondering the same thing.
  7. steely steely is offline

    Delray Beach, FL
    United States

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    Jul 18th, 2007 (7/18/2007 12:57pm) in reply to BarryGS

    i am not counting my money just yet, but the implication to me is that Neteller had to disgorge $126million (or whatever) of PROFITS, and the government just kept the $60mm as part of that payment. The release implies that Neteller is going to pay the rest to the government AND pay US customer balances in full out of other funds. BUTTTTTTTT....

    i will believe it when i see it.
     
  8. spudd69 spudd69 is offline

    Washington, DC
    United States

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    Jul 18th, 2007 (7/18/2007 1:11pm) in reply to sp3685

    i see a light at the end of the tunnel. This sounds very good
  9. haleike haleike is offline

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    Jul 18th, 2007 (7/18/2007 1:15pm) in reply to spudd69

    Can anyone else picture Isaac Haxton doing cartwheels?
  10. beanie beanie is offline

    Saint Paul, MN
    United States

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    Jul 18th, 2007 (7/18/2007 1:51pm) in reply to haleike

    at least its decent news. Like Steely, I am skeptical but certainly its better news than we had.
  11. TrafficKing TrafficKing is offline

    Tucson, AZ
    United States

    Posts: 3,566
    Joined: Mar 06

    Jul 18th, 2007 (7/18/2007 2:01pm) in reply to beanie

    guess we'll find out in 12 days
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