EMO faces asset freeze and Temporary Restraining Order
March 13, 2006
Is EMO heading towards the way of IntGold and StormPay?This week, EMO was slapped a Temporary Restraining Order (TRO) and its assets frozen after it supposedly failed to account for a portion of its customers’ funds.
What’s gonna happen next? Your guess is as good as mine.
Read the entire announcement here or read below for a summary.
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.
“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.”
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