How to rank well in yahoo?

[decipher]

Monday, March 13, 2006
http://www.oag.state.tx.us/oagnews/release.php?id=1493

Attorney General Abbott Files Emergency Action To Protect Clients Of Unlicensed Online Payment Service
EMO Corp. and officers cannot account for $2.4 million in customer cash

AUSTIN - Texas Attorney General Greg Abbott has obtained an asset freeze and emergency approval for a court-appointed receiver to take over the operations of unlicensed Austin-based online payment service EMO Corp.

The company and its officers, Todd L. Tredeau, Tracey Jones and Nancy C. Humphries cannot fully account for more than $5.4 million that consumers placed into their accounts. The company’s books show they have only $3 million cash on hand, which means EMO cannot account for
$2.4 million belonging to its customers. The officers failed to register with the Texas Banking Department and obtain a license as a “money services business,” as required by law.


Media Links


Sample EMO Corp. web pages
Attorney General's lawsuit against EMO
Temporary restraining order against EMO

“These officers must account for their outrageous mismanagement of consumers’ money, which they promised would be secure,” said Attorney General Abbott. “The court’s appointment of a receiver to seize control of this company’s assets will provide an opportunity to determine where this money has gone.”

The company’s Web site, www.emocorp.com, touts the service as a safe way to conduct financial transactions online, as a service to assist consumers who are recent victims of fraud and businesses that handle payrolls.

Consumers who open accounts with online payment services can deposit money into their accounts via credit cards or bank transfers and expect instant access to their accounts. The consumer uses the service to send or receive money to and from other members via electronic transfers. According to information given to the Department of Banking by EMO Corp., the company has a current customer base of 17,000 nationwide, with 6,000 of these in Texas.

The Banking Department denied EMO a license for failure to meet minimum net worth requirements of $500,000 and other statutory requirements. Furthermore, according to the company’s own financial statements presented to the Department of Banking, the company is insolvent.

Upon investigation following the asset freeze, the Attorney General will seek restitution to any consumer harmed by these transactions, as well as civil penalties and attorneys’ fees.

[Visarts]

Oh my god!

[MPICS Digital]

whatt????? not again

[InsisteIntepe]

Truly EMo is validates , but looks like it was happen for effect the war between storm pay with charis ( 12dailypro )..hope e-gold not be closee!

[decipher]

Well, E-Gold has raids on them by FBI couple months ago but I don't see any sign of it closing down but just some modifications to its way of operating, you may no longer receive fund from a blocked account.

[devildude8989]

you may no longer receive fund from a blocked account.

Yes and if you try to receive funds from a blocked account they will put a limit on how much funds you can receive into your account..... I have seen people complaining because of it....

[laflair13]

Well, hopefully this doesn't turn into another stormpay fiasco. EMO seemed much more professional from the get-go, but they still have lots of banking info...atleast someone has been assigned to the funds.

[arlene]

Dang. Didn't really see that one coming. I actually opened an EMO account a couple of weeks ago and was planning on opening a banking account to fund that EMO account; so much for that idea o.O

EMO's card was one of the better ways to get e-gold funds out of your e-gold account.

[decipher]

Yea, hm, I guess e-gold and e-bullion are the only ones left.. others are still too new to me.

[tilenoncalo]

Emo leaving oh no. What's this oh man. Lot of big scams these days