Saturday, February 03, 2007

Neteller

On 1/17/07 I requested a withdrawal of $1946.20 from Neteller. This amount represents more than half my current bankroll. As of today 2/3/07 the transaction is still listed as pending. I doubt I will ever see the money again. I fully expect Neteller which gets most of its business or got most of its business from the USA will soon go belly up. The funds are being held hostage in the labyrinth of the electronic banking system.

I'm usually an optimist, but the fact that Neteller hasn't issued a proclamation of when we may see our funds except for their limited FAQ's doesnt bode well for us. My guess is they are holding the funds pending the outcome of litigation that could take years. My guess is the DOJ(Dept of Justice) will not only go after neteller founders Stephen Lawrence and John Lefebvre, but they will subpeona the financial records of Neteller itself and find some kind of RICO violation. That would make all of us vulnerable under RICO. Although I highly doubt I will be wearing bracelets I highly doubt I will see my money.

I've read the posts on 2+2, Card Player and Lou Krieger's blog and have that feeling of AGITA that I had last October twelvefold. The fact that they suspended peer to peer transactions has only compounded that AGITA.

Sure I can start over but a $2k loss reduces me to grinder status again and I worked hard for that money. That severely dampens my plans for a nice Vegas trip in July unless I have a big score or put in lots of hours of over-time. Everything I have online is pure profit. I have never gambled bigger then I can afford to lose and I have managed my bankroll remarkably well. my initial investments of $100 to $200 from 2004 were withdrawn along with some winnings to pay for Vegas 2006.

So I did what I havent done in a long long time... I had myself a cry.

4 comments:

SirFWALGMan said...

Chin up. We still love you. I think it might be early to declare your funds gone.. but maybe not.. I hope things work out for you.

shamanalix said...

Think positive, IGEE-BABEE, just like you do when you wield The Hammer or The Ig. Whatever will be will be ... but I have good feelings that it'll eventuallty work out jes' fine! Still think you need to get yourself to Vegas earlier, like say the end of May, an balloon your roll then and there. When's the next semi-annual Blogger Bash in Sin City? Be you babe...

Anonymous said...

A person in your position could sue Neteller in New York, and discover in the course of the lawsuit the jurisdictions in which they keep funds. You might obtain a judgment and a court order requiring them to pay you the amount they owe and your court costs.

It is possible that the Neteller victims who sue will be paid and those wait patiently will not.

shamanalix said...

Do not listen to "anonymous." That kind of thing is what the feds, prosecutors and anti-gambling legions want: To scare players into turning on the poker sites and money-handlers, and thus give support to the evil ones' claims that it's an unsafe crooked environment and not a decent business. Don't be stampeded. Be patient. The government whackos will lose their case, and leave themselves open to judicial counterjudgements after their witchhunt and panic ploy ends.