NETeller Makes Progress In Bid To Refund US Clients - 03-21-07
March 21 - NETeller's latest press release is good news for the thousands of Americans whose funds were frozen (and some presumed lost) by the US Attorney's office. NETeller has announced that they have reached an agreement with the US authorities that includes a timetable to return those funds.
The precise language of the press release is not exactly joyous but it does set out to explain that within the next 75 days NETeller expects to announce a plan by which the monies in question will be refunded to former US clients.
Note that the press release does not say that it will take 75 days to get your refund, but that the plan itself will be set into motion within those 75 days. It will still take several months at least before that magical refund occurs, but at least the outlook is positive that it will indeed take place.
NETeller has hired an independent forensic accounting firm to administer the complicated process and remains committed to helping the US authorities. We have also heard rumors that the charges against the co-founders of the company may soon vanish into the breeze, much like the charges against Sportingbet's directors.
It will probably take a bigger pay-off than $400,000 to make this case go away, however, and NETeller will almost certainly have to write out a juicy seven-figure "settlement" to get this to go away. Still the pressure is definitely easing off the online gambling industry as a whole.
