Auctionbytes-NewsFlash, Number 358 - July 15, 2002 - ISSN 1539-5065
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New York Wants PayPal to Ante Up Info about Online Gaming Transactions
By Ina Steiner
AuctionBytes.com
PayPal submitted a new filing with the SEC revealing that it had been served with a Subpoena from the Attorney General of the State of New York. The subpoena seeks the production of documents on or before July 22, 2002, that are related to, among other things, PayPal's transactions with merchants involved in online gambling activities. PayPal is an online payment service used to transfer money electronically.
No civil or criminal action or proceeding has been commenced against PayPal by the Attorney General, according to the SEC filings. The stated purpose of the subpoena is to assist the Attorney General in determining whether an action or proceeding should be instituted. PayPal intends to cooperate fully with the Attorney General in this matter.
eBay announced on July 8 that it would acquire PayPal in a stock deal valued at the time of the announcement at about $1.5 billion. eBay said it would discontinue PayPal's activities in online gaming, expected to account for 10%-15% of PayPal's revenue.
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