Latest on Neteller Debacle

Reno

Administrator
Staff member
#1
Thousands of US customers await monies from third party payment solutions firm NETeller, whose co-founders were indicted last month on various charges ranging from money laundering to racketeering.
An executive of NETeller, speaking on anonymity to Gambling911.com, stated that "no criminal action or proceeding has been brought against the company (NETeller), its current officers or directors."
This executive expressed how difficult it has been communicating the company's efforts during these trying times, especially as a publicly traded company.
"Being a public company, at this time we are restricted to what we can say publicly to any material facts that are issued to the market first via a press release," this individual told Gambling911.com.
He hoped to clear up any confusion related to the "necessary restructuring of our company, the growth and stability of our non-US business, how our US customers’ funds are protected, our desire and the process for repatriating their funds, and very importantly to us, the respect we hold for all our customers, whether affected by the recent events or not."
Gambling911.com awaited additional responses to addressed concerns.
Meanwhile, other high level employees within the NETeller organization told Gambling911.com that they are fully cooperating with the US Department of Justice.
"NETeller is cooperating with the DOJ, there's been three to four lawyers going through a few hundred boxes of files over the past couple of weeks," this employee stated. "When we try asking the lawyers what they were doing, all they would ever answer is 'Stuff'. They've been very eager to talk to those executives that are leaving I guess for fear they might disappear once they're gone this week."
The employee made reference to news traveling throughout the organization that a handful of high level executives were planning to leave NETeller by month's end.

"Why players haven't been paid when everyone else is... My only guess on this can be HSBC bank. They've been summoned by the DOJ from what I've read and not wanting to process US accounts. And any other processors are scared ****less to touch anything that is remotely close to NETeller/NT Services, probably fear of having the DOJ after them.

"All I keep hearing is they're (NETeller) working on finding other processors'...good luck is all I can say. Call center has been slashed by 90%, and at most they have maybe 20 to 40 Customer Service reps left
with the company."

The employee further commented on the large number of threats coming into the NETeller office.
"But what's not helping anyone's situation is the individuals writing in threats... I totally understand their frustration, but (they) have to realize that the people on the other end of the phone & emails are helpless due to the company's actions. Some of the context of messages received would make you shake your head Chris... even the phone calls."
European, Canadian and some Asian clientele continue to use NETeller while well aware of the risks involved in doing so. Gambling911.com at this time considers use of NETeller by these individuals as a major risk right up there with ePassporte.
Some naively point to the US Justice Department as the primary reason why customers in the United States cannot receive monies from NETeller at this time while overlooking the internal meltdown occurring within the third party payment processing firm.
Another third party payment processor, YouTeller, holds great promise for the online gambling industry though Gambling911.com advises to tread carefully. Those familiar with online gambling processing have thus far been impressed with the backend of YouTeller.
But questions surround YouTeller, which is slated to debut this coming month. Those behind the company have not exactly been forthcoming with information.
Thomas Jensen who hosts another forum states "I spoke to several operators that stated they have been waiting for someone to return email inquiries for merchant applications for over 5 days. From an operator's perspective, this does not constitute the type of response time you would want from someone holding millions of your dollars. If they have enough time to make a video for Youtube, they have enough time to respond to email inquires for merchant accounts."
----
thanks to Christopher Costigan, Gambling911.com

 

Forum statistics

Threads
45,245
Messages
145,834
Members
1,846
Latest member
BitterChimp