EMO™ - Electronic Money Orders ... insolvent

Posted on Mon, Mar. 13, 2006

Court order against unlicensed online payment service
Associated Press

AUSTIN - Texas has secured a court order for a receiver to take over
operations of an unlicensed online payment service based in Austin
[Texas].

[Texas] Attorney General Greg Abbott today announced the state has
obtained an order to freeze the assets of E-M-O Corporation.

Abbott says the company can't fully account for more than
five-point-four (M) million dollars consumers had in their accounts.

He says E-M-O documents show only three (M) million dollars -- in cash
-- on hand.

Abbott also says the company isn't register [sic] with the Texas
Banking Department and never obtained a license as a money services
business -- as required by law.

Company officials didn't immediately return a call to The Associated
Press for comment.


http://www.oag.state.tx.us

- http://www.centredaily.com/mld/centredaily/business/14089392.htm