Who has the money then? The cc processing companies? How come the money has not been either returned to the card holders or forwarded onto the intended recipients?
if i understand what the prosecutor is saying its the Credit card companies who started the problem by taking an absorbent amount of money in fees and processing charges causing basically an money flow shortage for gun pal. Plus the fact that the person in charge has little to no experience in financial matters compounded the problem by not being able to properly keep enough money flowing to the customers.
in 2005 I had a merchant account with a bank out of North Dakota. I had the account from 2000.
One month I opened my statement and noticed that I OWED them 350.00 for the last 30 days of transactions. Problem was I only took in 75.00 in sales (a very slow month)
they hit me with every fee they could find to charge me with. I had never noticed this before because up until this point my web business was doing good and to be honest and the charges seemed to go along with what I was bring in.
I immediately cancelled the account. I lost money, the bank kept all my money, I never seen a penny, but the web business brought in enough money, that I was still able to send out my product to those who had paid for it.
I went to paypal and have never had a problem since.
his problem is he cant get you the product, which is donated money the banks are apparently keeping.
I doubt we will ever see any of it.
sue them sure, but if the company shuts down, you get a judgement and that's about it
\I don't see gun pal around much longer, Id never use them again