NETELLER Announces Agreed Plan to Return US Customers’ Funds

[The Judge]

PRESS RELEASE

Monday, 4 June 2007 – The NETELLER Plc Group (LSE: NLR), the independent global online payments business, today announced that it has agreed to a plan for the distribution of funds to its US customers.

NETELLER is continuing to cooperate with the investigation being conducted by the United States Attorney’s Office for the Southern District of New York (“USAO”), under the advice of its legal advisers and in accordance with court orders in the Isle of Man. The Company is in discussions with the USAO for the purpose of resolving the investigation. The Company has advised the USAO that it will use its best efforts to resolve the investigation no later than 13 July 2007.

On 21 March 2007, the Company announced that it signed agreements with the USAO and Navigant Consulting, Inc. (“Navigant”) with respect to, among other things, developing a plan for the distribution of funds to US customers. Since then, in accordance with the agreements, the Company has worked with the USAO and Navigant to develop the plan. The Distribution Plan is now agreed upon, and the Company anticipates implementing the plan upon the resolution of the investigation.

The agreed Distribution Plan details the process and mechanisms for the return of funds to US customers. US customers will be able to access their NETELLER accounts online for a certain time and make a request for their funds. In accordance with NETELLER’s Terms of Use, no interest on account balances will be paid. NETELLER will not charge fees to customers to process requests for funds. Funds will be distributed either by electronic transfer to the bank account on record with NETELLER or by a cheque to be sent to a mailing address as confirmed by the customer. If a US customer has a bank account already registered with NETELLER, funds transfer will be by electronic transfer subject to confirmation by the customer that the registered bank account remains valid. US customers will receive the entire balance of funds in their account; no requests for partial payments will be processed. US customers cannot use their accounts for any transaction other than to request the funds.

Further information will be communicated to NETELLER’s US customers via email, through our website and through a press release once the date for implementation of the Distribution Plan is finalised.

Ron Martin, Group President and CEO said: “The agreement on the Distribution Plan represents a milestone in our cooperation with the US authorities. While we are disappointed not to have been able to return funds to our US customers at this point, we believe that the steps we have made in our discussions are significant and we hope to be able to announce further progress with the USAO by 13 July 2007.”

The Company continues to work with Navigant to produce a report to the USAO on the Company’s current financial condition. On 8 February 2007, the Company informed the market that approximately US$ 55 million had been seized by the USAO or otherwise restricted by third parties. After ongoing consultation with the USAO, the Company currently believes this amount could be up to approximately US$ 60 million.

The Company’s shares continue to be suspended from trading on AIM in view of the continuing uncertainties the Company faces although the Company is making progress towards achieving restoration of trading. The Company is also working towards the finalisation of its audited annual results for the year ended 31 December 2006 and will announce the date on which these will be published to the market in due course. NETELLER customers not resident in the US continue to be minimally affected by the withdrawal from the US market.

Further information is available on the Group’s website in the form of updated FAQs.

[domafia]

Even more waiting for our $, but good news nonetheless. Thanks for update judge!

[Go Michigan]

How about us canadian people?

[Dr. Jack]

I finally forgot and was over this loss so it will be nice surprise if it happens as promised

[Dr. Jack]

Originally Posted by Go Michigan

How about us canadian people?

You can get your money from neteller now I believe. What's the problem?

[Go Michigan]

Originally Posted by Dr. Jack

You can get your money from neteller now I believe. What's the problem?

Nope can't says on site not allowed to use neteller for gambling.

[Dr. Jack]

Yes, I know that but you can't withdraw it?

[Dr. Jack]

This was the press release concerning Canada in March

Did NETELLER stop allowing Canadian members to make fund transfers with online gambling sites?
With a recent review of its service to Canadian members, NETELLER announced that members who reside in Canada will no longer be able to transfer funds to and from online gambling sites. Read the most recent press release.



When is the last day that I can transfer funds with an online gambling site?
On April 9, 2007 all transfers to and from online gambling sites will be disabled for Canadian members.


Why did NETELLER make this decision?
NETELLER decided to cease online gambling transactions for Canadian members due to increased uncertainty about the status of certain activities related to online gambling in Canada.


How do I know if I am a Canadian member?
If your registered address with NETELLER is located in Canada, you are considered a Canadian member and all of the changes indicated here apply to you.


Will my NETELLER account be closed?
No. You will still be able to use your NETELLER account to securely send funds to friends and family with our peer-to-peer service, transfer funds to non-gambling sites and withdraw funds from your NETELLER account at an ATM using the NETELLER Card.


Is my money safe in my NETELLER account?
Yes. NETELLER keeps all members’ funds by holding the value in segregated trust accounts. As the largest independent online money transfer business in the world, we maintain our head office in Europe and are a publicly quoted company on the London Stock Exchange. NETELLER (UK) Ltd is authorised and regulated by the Financial Services Authority.


Am I required to withdraw my money from NETELLER?
No, there is no requirement for Canadian members to withdraw their funds from their e-wallet accounts.


Can I still use NETELLER services like Peer-to-Peer and the NETELLER Card?
Yes. You will still be able to send and receive money with our secure peer-to-peer network and you will still be able to withdraw your funds at ATMs with the NETELLER Card. The changes in service to our Canadian members only affect the ability to transfer funds with online gambling sites and to use the instaCASH deposit option.


I am a resident of Canada. Can I still become a NETELLER member?
Yes. The current changes to NETELLER’s business in Canada have no effect on the sign up process.


Why can’t I access my instaCASH funds in my NETELLER account?
NETELLER has made a policy and technical change that has disabled instaCASH for Canadian members.


Will I be able to use instaCASH again?
No decisions have been made regarding the future availability of this product.


How can Canadian members find out about changes to their NETELLER services?
All members will continue to have access to this FAQ site for answers to the most commonly asked questions.


Who can I contact for assistance?
If your question has not been answered by this FAQ, or if you require further assistance, please contact NETELLER Customer Service.

[jim1701]

I love this site...SOOO informative!!!!

[CecilBrown]

Originally Posted by Dr. Jack

I finally forgot and was over this loss so it will be nice surprise if it happens as promised

I agree Dr. Jack, I had written that money off long ago when I discovered that Neteller was actively involved in aiding and abetting money laundering. The USDOJ had them by the balls and the NT2 were facing serious time. It was the same deal for Pinnacle, that's why they folded so quickly. Neteller will likely be forced to forfeit the 60 million in seized transfers and they will release U.S. account holder funds on Friday the 13th(July). Neteller stock will resume trading on Monday the 16th and I am sure they hope the stock will be bouyed by the announcement that the charges will be held in abeyance.

[verdict]

[The Judge]

Originally Posted by The Judge

NETELLER is continuing to cooperate with the investigation being conducted by the United States Attorney’s Office for the Southern District of New York (“USAO”), under the advice of its legal advisers and in accordance with court orders in the Isle of Man. The Company is in discussions with the USAO for the purpose of resolving the investigation. The Company has advised the USAO that it will use its best efforts to resolve the investigation no later than 13 July 2007.

Just a heads up for those that have funds tied up in the NeTeller fiasco. The latest announcment stated that they hoped to have every thing worked out for the "Disribution Plan" no later than this Friday the 13th.

I am hearing that the funds have shown back up in the NeTeller accounts of US players but that you are still unable to request a withdrawal. I guess that is some kind of progress at least. Can anyone confirm this?

[Gerk]

Originally Posted by The Judge

Just a heads up for those that have funds tied up in the NeTeller fiasco. The latest announcment stated that they hoped to have every thing worked out for the "Disribution Plan" no later than this Friday the 13th.

I am hearing that the funds have shown back up in the NeTeller accounts of US players but that you are still unable to request a withdrawal. I guess that is some kind of progress at least. Can anyone confirm this?

Yes, My balance is showing up in my account there