Neteller and Feds Reach Agreement to Return Customer Funds

by Lou on March 21, 2007

Neteller announced that it has signed agreements with the United States Attorney’s Office for the Southern District of New York (“USAO”) earlier today, These agreements will allow for the transfer of funds back to US customers within 75 days.

As part of this process, Neteller hired Navigant Consulting, Inc., a forensic accounting firm, to examine Neteller’s financial position and provide a report to the USAO. These agreements give Neteller a roadmap and a timetable by which they can extricate themselves from their difficulties, and return customer funds according to schedule.

“We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office,” said Ron Martin, Group President and CEO. “Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”

Further updates with relation to the US situation will be made as soon as there are any material developments.

In the meantime, US customers should visit more information, including newly updated FAQs that provide additional clarity around certain issues raised in a number of public forums. Additionally US Customers can contact Neteller Customer Service on the web or by phone at 1-888-258-5859.

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