Clock ticking on NETeller deadline

Isaac Haxton

Poker players with cash tied up in NETeller breathed a sigh of relief when the online payment processor announced it would return funds to its U.S. customers by June 4.

But with the deadline just days away, NETeller users still haven't seen any cash from the company or received word of how or when the money will be distributed.

On March 21, the e-wallet released a statement promising to release a plan and timeline for the "orderly return of funds" to its U.S. customers within 75 days.

NETeller has already signed an agreement with a U.S. Attorney's Office and a consulting company which is reporting back to the government on the firm's financial status.

"Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process," NETeller CEO Ron Martin said in the March release.

Some players have huge sums of money tied up in the former NETeller accounts. Pro player Isaac Haxton saw his nearly $900,000 in winnings from the Caribbean Poker Adventure frozen in his personal account and has not been able to access the cash.

Meanwhile, NETeller co-founders Stephen Lawrence and John Lefebvre are still awaiting a trial date, which is expected before month's end.

The Canadian businessmen were arrested in the U.S. in January and charged with conspiring to promote illegal gambling.

Their arrests triggered NETeller's withdrawal from the American market and subsequent freezing of U.S. player accounts.

Related Articles:

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NETeller Announces Directorate Change

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