The Queen of Hearts

NETeller Funds Being Held by FBI?

Things are looking bleak for NETeller customers.

According to USA Today, NETeller funds are being held in court as potential evidence. According to an FBI agent, some customers may get their money back, but he did not provide a timetable.

The federal crackdown on online gambling has tied up the funds of thousands of U.S. patrons of two of the largest services.

The actions against NETeller have left the online accounts of its U.S. customers frozen until legal issues are resolved.

"The truth is that the money is in limbo and the companies are not required to refund any money until a successful prosecution or settlement takes place," says Michael Tew, principal of gaming consultant CapitalHQ. "This could take years."

Similarly, most U.S. customers of BetOnSports have been waiting to cash out money in their accounts since July, when a federal grand jury issued a 22-count indictment charging CEO David Carruthers with racketeering, conspiracy and fraud. BetOnSports handled $1.77 billion in bets during its 2005 fiscal year, with more than 90% of wagers from the USA.
An attorney representing the company declined to comment.

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posted by Queen of Hearts @ 06:32