Thread: EMO closed

Just received email via Dxinone that EMO has gone seized by government.
Sorry for anyone caught in yet another one of these.
Deb

What was the deal with EMO? Did they not have any money or is the government just fishing to shut down everything on the net?

The govt. reckoned there was a shortfall of a few million or something between what was in the EMO bank account, and what was in members accounts, making it insolvent.

There's a link on another forum to the ruling. I'll try and find it and post it here.

For information directly about emo go to www.emocorp.com info will be posted periodically and you can get the info for yourself.

Here are more directly info about EMO`s problems:

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.
...aso..................

http://www.oag.state.tx.us/oagnews/release.php?id=1493

Have an excellent day.

Interesting,

Typical hack job by state to make their case for a siezure, and it doesn't have to be true, but once they assign a receiver, it is all over as they will drain the accounts one way or another during investigation. Been there, seen it first hand, and those who have legitimate money in EMO will be lucky to see .10 on the dollar.

Good luck to all, Mike

After all the "hulla-baloo" with their screening methods to approve an EMO account.... this is nothing short or less than a sheer shambles for a smoke screen to their illegitimate setup!!!

I now come away with the fact that some or perhaps more "HYIP-related" setups and programs are made to appear VERY legit with the tight security criteria they impose when actually, they are the ones we should be weary of.... for it is all "make believe" just to give the impression.... be aware now of the setup posed... it is not EVERYThing they turn out to be like EMO now is alleged to have contravened.... without possessing the right certs and documents to operate legally!!!

Another....down the gutter

YB.

Here is a link to an infomail from an EMO-employee.

I am a ex or current employee of EMO. I say or because I really am not sure what is going on right now.

However, I see a lot of speculation going on in this forum I would like to clear up. Partially to make me feel better after reading it, and hopefully to make you guys feel better. So here is what I know.

About 4:00pm CST Thursday March 9th, I was working at my desk and then was suddenly taken to our CEO's office buy a guy I have never seen before in a suit and tie.
.............

You can read more here:
http://12dpalphaforum.jconserv.net/viewtopic.php?t=65

Have an excellent day.