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Neteller Frozen Funds Thawed
 August 23, 2007, 7:21 am (4 years ago)If you are a former Neteller customer, chances are you have received an email in the last few days inviting you to log onto your account and access your funds. Until recently, Neteller customers were unable to access their accounts, even those with positive balances.
The unfreezing of accounts comes as a result of a deal reached between Neteller and the US District Attorney, following a probe into the company’s participation in online gambling practices. At the time, Neteller was perhaps the largest company for gambling payments and solutions in the world. Similarly large online companies, like Ebay’s Paypal, have not participated in the online gambling markets.
Last January the US government froze the funds of about 250,000 Neteller accounts, pending the arrest and federal investigation of the company’s co-founders. All of which were part of the Unites States’ enforcement of the ban on online gambling sites and services. Considered evidence, these funds were held until the legal matter was resolved.
As a result, Neteller was required to forfeit a total of $136 million, $94 million of which comes directly from frozen American customer accounts. Neteller CEO Ron Martin has publicly announced that it is the company’s top priority to return account funds to their US customers. With the release of Neteller accounts by the federal government, these customers have now been notified about retrieving their money. To date, over $75 million have been withdrawn already.
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