Texas AG Takes Action Against Online Payment Service
Texas Attorney General Greg Abbott
Image source: www.oag.state.tx.us
Image source: www.oag.state.tx.us
Via The Texas Attorney General's Web Page.
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.More here.
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.
posted by Fergie @ 3/13/2006 01:01:00 PM
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