NETeller to Return the Money to the US Customers

Good news guys. As stated in NETeller's Press Release dated March 21, 2007, they have signed agreements with each of the United States Attorney’s Office for the Southern District of New York and Navigant Consulting, Inc.

Navigant Consulting Inc. is an independent firm engaged by the NETeller staff to provide financial consulting and accounting services to the NETeller Plc. Group. The firm will supervise the process of returning the funds to the original account holders.

The agenda of the preliminary discussions was managing an orderly return of funds to US customers (the amount of funds seized was around $55 million). As the result of the signed agreements, the NETeller Plc. Group "anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers".

It's worth to be mentioned however that the seized NETeller accounts have been temporarily de-certified to revoke Peer-to-Peer capabilities. As a NETeller representative states, "these accounts should be automatically re-certified in the next few weeks".

Unfortunately it has not been discussed yet how funds will be distributed to US customers. It will take 75 days before they work out the best way to manage the things.