Time to Celebrate: NETELLER Announces Settlement of US Situation

It appears as if the Neteller debacle will soon come to an end for American customers.  The company announced today that the United States Attorney’s Office (USAO) investigation has been concluded and that it is just about time to get people their money back.

Neteller had wanted to make this announcement last week, but it said it needed to wait until the investigation was over.  When a resolution was delayed, a big groan could be heard around the online poker world, as millions of dollars remained frozen.  But fortunately, while the overall wait was long, the additional wait was short and customers should expect to see their funds within the next couple weeks.

The official process will be detailed in an e-mail and on Neteller’s site in the near future, but the company says that customers will be able to login and initiate a cashout no later than the end of the month.

In the meantime, Neteller was required by the USAO to admit it committed a crime in promoting money transfers from U.S. residents to online gambling sites.  Neteller will not be prosecuted, however, provided it meets various conditions of the settlement over the next two years, including cooperating with the USAO in ongoing investigations and paying the U.S. $136 million in penalties.