EMO down!

[iMoney]

Monday, March 13, 2006

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.

[CoolTrader]

This only makes us all be more cautious about all payment systems. Some are made for a long run, some tend to collect money and dissapear.

[Arijit]

Has this problem been resolved? Coz I visited their site now and it's working fine..... So is it safe to use it?