YouTeller accused of making false claims

Not really certified by the British Financial Services Authority???

YouTeller "false" claims

A new payments processor which says it will be open for business in March this year appears to be falsely claiming to be certified by the UK Financial Services Authority (FSA).

YouTeller claims on its website to be a trademark of a company called Seed Capital Ltd, and gives an address in east London. A link on the company’s contacts page then diverts to the FSA register of Small E-Money Issuers where a company called Seed Capital Ltd is indeed listed.

However, a search on the FSA website reveals the company behind Seed Capital Ltd to be Oxford Technology Management, a company based in Oxford. When contacted by eGaming Review, a spokesperson at Oxford Technology Management said the company had never heard of YouTeller.

YouTeller also gives a registration number for Companies House in the UK on its website. A search under the number given comes up with the same east London address as the YouTeller website. The only director registered is one Florian Schweitzer with an address given in Austria.

This Seed Capital Ltd was registered at Companies House in October 2006. The other Seed Capital Ltd, from Oxford, registered its name at Companies House in July of last year. Schweitzer is not registered personally with the FSA.

A spokesperson for the FSA said the matter had been passed on to the relevant department for investigation.

Neither YouTeller or Schweitzer was available for comment.

http://www.egrmagazine.com/item/1586

Life Without NETeller No Problem for Online Gambling Industry

Those in the know say "Look out! The online gambling industry is coming back bigger and better than ever before."

And they point to YouTeller, a "private e-wallet", which promises to fill in the void left behind by NETeller.com.

"Wait till you see the back end software when it launches...looks hauntingly familiar...as do the people behind the scenes," a source told Gambling911.com. "Looks like we will survive without NETeller after all."

NETeller co-founders, Stephen Lawrence and John Lefebvre, were arrested and charged last month with money laundering and racketeering. The US Department of Justice claims that millions of dollars has left the country through NETeller based on public disclosures filed in the United Kingdom.

Meanwhile, industry analysts point out that while Lawrence and Lefebvre prepare for trial, a competitor to NETeller continues to operate within the United States.

With Neteller shares halted in the UK, Optimal Group, Inc. (OPMR) still trades in the US on NASDAQ. They are the 100% owner of the FireOne (FirePay) business which is a pure competitor to Neteller, a company the US government is calling part of a "massive criminal enterprise".

"As Gambling911.com has pointed out the Neteller founders are being charged with crimes PRIOR to the passing of the online gaming act in October of 2006," an industry analyst observed under anonymity. "FirePay, OPMR, were processing the same tranactions then including for sports gaming sites. OPMR trades in the US. They appear to have US operations. I think this is a very interesting potential story that no one is talking about.

"When you look at Yahoo news for OPMR, none of the recent Neteller or UK inquiries show up. Is it possible that people aren't making the leap? Or is the US about to come down on these guys just like Neteller? It will be interesting."

As for YouTeller.com, the third party payment processor promises that customers can send money for free, receive money for free and deposit/withdraw funds from your bank account using a credit card.

The company opens in March and claims to be certified by the British Financial Services Authority.

Christopher Costigan, Gambling911.com

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