~ Archive for January, 2007 ~

Getting Your Money Out of Neteller

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PokerLawyer - January 27, 2007 @ 11:45 am · Filed under Uncategorized

Interesting post on Lou Krieger’s Blog regarding the difficulties in withdrawing funds from Neteller:

Today it got personal. I tried to move some money from my Neteller account to my Neteller debit card but I was prevented from doing so. Funny thing is, this was not money from a gambling site, but money I earned from some overseas publications I wrote for. An email to Neteller brought the following response:

Thank you for your email. Unfortunately, we are unable to provide time estimates for withdrawal options at this time. We would not want to provide even a rough time estimate, because we are unable to do so with any accuracy. We apologize for the inconvenience you have experienced. If you prefer, we may be able to cancel your withdrawal request. Please be aware that doing so, and withdrawing by check may take as long, or longer than the EFT withdrawal option. Currently we are experiencing unprecedented volumes through our withdrawals department. Due to this volume we are experiencing difficulties with withdrawal requests. We are not able to process EFT withdrawals at this time. Please be assured that we are doing our best to restore our withdrawal options as quickly as possible. In the meantime, any balance in your Neteller account is completely secure. We apologize for any inconvenience. If you have any further questions, please visit  -->

Court Date Set For Neteller Founders

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PokerLawyer - January 25, 2007 @ 11:46 am · Filed under Uncategorized

Source: Poker Pages A New York judge set Feb. 14 as the date for a preliminary hearing for John Lefebvre, 55, and Stephen Lawrence, 46, who in 1999 co-founded NETELLER, the popular e-wallet used by many online poker players. The pair were arrested Jan. 15 and charged with laundering billions of dollars in illegal gambling profits for handling transactions between US customers and online gambling sites while they were NETELLER execs….. Lefebvre’s lawyer, Vincent Marella, said Lefebvre plans to contest all charges against him. Last week, Lawrence also confirmed that he will contest the allegations brought against him.

Annie Duke Explains Poker Bill

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PokerLawyer - January 20, 2007 @ 10:22 am · Filed under Uncategorized

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Excellent post on The Pokerletter Life explaining the new online gambling law.

NETeller Founders Charged With Money Laundering

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PokerLawyer - January 16, 2007 @ 10:20 am · Filed under Uncategorized

The two directors, Stephen Lawrence and John Lefebvre, both Canadian citizens and founders of NETeller, were travelling separately in US when detained by authorities on Monday, 15 January.

A statement issued today by the US Department of Justice (DoJ) says the Isle of Man-based group began processing internet gambling transactions in approximately July 2000. The operation allowed gambling companies to transfer money collected from US customers to bank accounts outside the United States.

The DoJ cites NETeller’s own 2005 annual report to note that the company at the time provided payment services to more than 80% of worldwide gaming merchants. The DoJ says that in 2005 alone, NETeller processed over $7.3bn, with 95% of its revenue derived from money transfers involving internet gambling companies.

The statement also notes NETeller’s declaration that in the first half of 2006 it processed $5.1bn in financial transactions, with around 85% of its revenue during that period derived from individuals in North America. Three quarter of its North American revenue was generated in the US.

‘Both the operation of an internet gambling operation and the transferring of the proceeds from these businesses overseas are illegal under United States law,’ says the DoJ. (more…)

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