[imgv94]

If they get 1000s of withdraw requests tomorrow then what?

Maybe we should not jump too conclusions and let things pan out before making any major decisions.

[Aces]

They'll get 1000s of withdrawal request tomorow regardless. As I stated in another thread I think the money will be safe there but I do think there will be a run on the Bank. Its kind of like when the Stock Market Crashed and everyone ran to the bank which only compounded the problem. I dont have any funds in Neteller at this time so I'll watch from the sidelines.

[pags11]

I have to wait for my deposit to clear (won't be until like Thursday) before I can even make a decision...just going to sit it out...

[Dark Horse]

Interesting point, Aces. This may be exactly why the ex-Neteller CEO's were arrested. There will be such a run on the bank that Neteller will think twice about ever messing with the US again. Since there is absolutely no legal ground to prosecute these people - the law isn't even in effect yet, nor are the arrested people representing Neteller-, that is probably the true reason. What else could it be?!

Dirty politics as usual.

So yes, IMG, in that case you are definitely right to ignore the whole business. If only everybody else would do so as well...

[imgv94]

I have money in Neteller and I'm not withdrawing.. Let's give this some time people..

[Dark Horse]

If this would be the true motivation, the US is using its recently acquired 'right' to arrest anyone for any reason whatsoever, -the Patriot act-, in a completely unethical manner. Arresting CEO's or former CEO's for political or financial benefit is far beyond the crime of insider trading.

[Dark Horse]

I have money in Neteller and I'm not withdrawing.. Let's give this some time people..

Just speculating. It won't make any difference. There will be a run on the bank, and Neteller will comply with the US effective immediately. They have no choice. They're probably shocked by how low the US is willing to stoop, but they can't change it. So if you want your money in books for betting, you may as well get it out of Neteller while you still can.

[imgv94]

Alright I'll put my money in the books. But I'm not withdrawing and quitting now...

[Dark Horse]

The fun is only just beginning, my friend.

[Aces]

I also found an article in regards to one of the arrested dumping alot of Neteller stock prior to his arrest.

[Aces]

Source Interactive Investor

The US courts have yet to find one director (whether past or present) of any gambling stock listed company guilty.

It's getting closer to a landmark case and Carruthers could be it.

As a bank - Neteller may be easier to prosecute as it will be pretty simple to track a payment from a banned state such as louisiana to neteller.

I think there are serious leaks in the planned legal raids of these execs as Party founder managed to offload 160mln of stock a few days ago - had he waited until today - I doubt it would have been as easy. Add to this the fact that the same Party founder dumped circa £200mln worth of stock in June 2006 and then 3 weeks later Carruthers (BOS) was arrested.

It pays to be informed! And he has enough money to have insiders where he needs them.

I imagine hedge funds have the same insight and hence the recent near 25% rise in Neteller seems rather opportunistic as a shorting position in retrospect.


Lawrence sold loads recently.....
must have been something they did when they were in charge.....it has to be connected unfortunately... double swoop raid ..east coast west coast....etc...
seems weird when theyve said they will comply....going forward..
but what could these guys have done that the yanks feel is worth arresting on , especially after the bos debacle going on?

[Dark Horse]

Source Interactive Investor

The US courts have yet to find one director (whether past or present) of any gambling stock listed company guilty.

It's getting closer to a landmark case and Carruthers could be it.

As a bank - Neteller may be easier to prosecute as it will be pretty simple to track a payment from a banned state such as louisiana to neteller.

A banned state. Could they file charges against former Neteller CEO's because of payments from a banned state? That would never hold up in court. Neteller can't be expected to operate in accordance with every local law at any place in the world. If this is going to be drawn out over a longer period, can we expect to see the WTO anytime soon?

[Aces]

I didnt quite understand that terminology myself.

[Aces]

I did find the fact that these guys dumped their stock prior to their arrest interesting.

[Aces]

Stocks been suspended for the day

[Yoshi]

Tell ya what i believe: this forum is full of scared wussies.
Grow some balls or shuddap.

[Sam Odom]

Tell ya what i believe: this forum is full of scared wussies.
Grow some balls or shuddap.

I for one am sooooo glad I have zero $$ in NT. I feel for those who do, they have reason to be fearful

[wpet99]

Neteller is obliged to hold reserves of 110% to cover all customers funds. They have enough to cover withdrawals but if everyone stops using them then they stop becoming a profitable and economically viable business

[Sam Odom]

wpet99, neteller if left alone will NOT stiff or freeze-out anyone BUT that's not the point. They may not have a choice.

[caracalla]

January 12 I withdrew $2669 from Neteller to my bank: today arrived in my bank: no problem

I withdrew only because I don't like having too many $$ in one bookie, one bank, one share and so on: when I've gained, simply I sell and cash: no panic, no problem....

[bigboydan]

I would throw everything you have in your NT into a book like Wsex. Then after the dust settles on this one, you can go from there.

It's just not going to be easy to transfer funds if they do shut it's doors on us. So why not keep it in the next best gaming out like them.

[bigloser]

I would throw everything you have in your NT into a book like Wsex. Then after the dust settles on this one, you can go from there.

It's just not going to be easy to transfer funds if they do shut it's doors on us. So why not keep it in the next best gaming out like them.

To all those of you moving money to "The books". I think you are just kidding yourselves.
All you have done is move the money from NewGuy,Aces etc @ Neteller to Oly,WSEX etc @Neteller.
The money is still in the same place and subject to the same risks.

The books do not have your money, it is still with Neteller.

I have complete faith in the intentions of Olympic WSEX etc to pay. I am not sure how effective those intentions would be if a good chunk of their money was in a frozen Neteller account.

[Tchocky]

I see no good reason to leave money in your Neteller account. It's not like they're paying you interest. I'm either using Neteller to deposit to a book or withdraw to my checking.

[bigloser]

I see no good reason to leave money in your Neteller account. It's not like they're paying you interest. I'm either using Neteller to deposit to a book or withdraw to my checking.

Dont you understand ? you are NOT depositing to book !

You are moving it to the books Neteller account

[Jay Edgar]

Dont you understand ? you are NOT depositing to book !

You are moving it to the books Neteller account

Are you saying that offshore books keep client funds in Neteller, rather than in some interest-bearing instrument elsewhere?

I hope to God that every one of them is a smarter money manager than that.

[witswits]

http://www.neteller-group.com/press/en/122.htm

[bigloser]

Are you saying that offshore books keep client funds in Neteller, rather than in some interest-bearing instrument elsewhere?

I hope to God that every one of them is a smarter money manager than that.

Yes that is the case. That is why we get negative posts about some books who "underfund" their Neteller acoounts. If the money isnt in Neteller then the books cant pay us.

[Jay Edgar]

Yes that is the case. That is why we get negative posts about some books who "underfund" their Neteller acoounts. If the money isnt in Neteller then the books cant pay us.

That's not good.
Thanks for the information.

[Pedro]

Yes that is the case. That is why we get negative posts about some books who "underfund" their Neteller acoounts. If the money isnt in Neteller then the books cant pay us.

I don't think that's entirely true.

IMO, if you have a 1000 users with $1 million worth in their accounts, it doesn't mean that there is $1 million in the bookies Neteller account.

I would think there is, let's say, $100K in the bookies Neteller account and if there is an overwhelming withdrawal from those funds, the bookie simply adds funds to its Neteller account from a third party bank account.

I may be wrong, but that makes much more sense to me espeically when it comes to 10s of millions earning interest.

Just my 2 cents.

Pedro

[Dark Horse]

I would say so as well Pedro.

It was mentioned recently that the money was coming in from many banks when Pinny had to pay its US clientele.

No way in the world that a book keeps all our money at Neteller without earning interest.

[bigloser]

Book will have predetermined float in Neteller. In the case of the big books I would imagine much more than $100k.
At the end of business each day they will assess the + and - on the account and either reup or withdraw funds.
Because of the panic caused by "dry" Neteller accounts the "responsible" books always ensure the accounts are well funded.

[Pedro]

Book will have predetermined float in Neteller. In the case of the big books I would imagine much more than $100k.
At the end of business each day they will assess the + and - on the account and either reup or withdraw funds.
Because of the panic caused by "dry" Neteller accounts the "responsible" books always ensure the accounts are well funded.

I was just using the 100K as an example.

In any case, the amount a bookie keeps in its Neteller account is more than likely a smaller portion of the total funds therefore if Neteller is wiped out, only a portion of the funds will be lost.

Pedro

[punchmaster]

If they get 1000s of withdraw requests tomorrow then what?

Maybe we should not jump too conclusions and let things pan out before making any major decisions.

I was able to get a netelller customer service rep on the phone fairly quickly- 10 minutes...and he said my pending withdrawals are fine, business as usual right now for all US transactions......grabbing my cash and Ohhhhhhh, Can...a daaaa!!!!!!!!! Remember these guys no longer hold a position with Neteller, Feds are just getting what they can, sending a big message.... don't the involved parties have 270 days to get their shite together

[Dark Horse]

FWIW, I asked four books this morning about the safety of funds transferred to them through Neteller.

One reply so far.

The Greek: "If your money is with us then it's safe."

[onlooker]

I for one am sooooo glad I have zero $$ in NT. I feel for those who do, they have reason to be fearful

Same here. Just not worth the guessing game for me and my money.