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StormPay Money Transmitter License Renewal Not Granted

StormPay Payment Processor Is Out Of Business

On March the 24th 2006, StormPay users were sent the following statement:

"Dear Valued StormPay customer,

Effective immediately StormPay Inc. will no longer accept payments for sales made outside of StormPay Auctions. If you are an online seller who wishes to sell your product or service through the StormPay system, your item must be sold using the StormPay Auctions feature. Listing in the StormPay Auctions is FREE of charge unless utilizing our inexpensive upgraded listing options.

Q: Why has StormPay implemented this new policy?
A: StormPay has rendered certain policy changes to insure a safer online experience for both buyers and sellers. This policy change allows StormPay to more closely monitor the products/services sold, insuring that sold items are within StormPay’s acceptable use policies.
Under these new policy guidelines, customers may no longer log into a StormPay account for the purpose of sending money to another online user, or “offsite” website sale. All “spends” and “receives” are and only can be for the specific purchase of a user’s auction listing and successful purchase of.
Subscriptions (recurring billing) is no longer supported by the StormPay system. All current subscriptions have been cancelled. We apologize for any inconvenience this may have caused.
We appreciate your business. As always, if you have any questions, feel free to contact us.

StormPay Inc."

The FTA has been told today, March the 27th 2006, by a rather trustable source close to the Department of Financial Institutions of Tennesse that the money transmitter license N.95 expiring the next 04/15/2006 will not be granted renewal; it goes alone that the owner of that license is StormPay Inc
This, if the source will be confirmed, clearly explains the above StormPay statement and put them virtually out of business, as a payment processor. About the missing money, instead, the FBI investigation is still ongoing and it will require a bit more patience, before many Intenet users can get some justice.

April the 25th 2006 UPDATE
It is official: as anticipated by the Fair Trade Authority, Stormpay money transmitter license renewal has not been granted, so far; Stormpay payment processor is out of business. You can check the list of approved licenses for the state of Tennessee here.

If you have any material or personal experience to share with us, about StormPay, please, post it here. Particularly, we are looking for StormPay users whose money was frozen and not involved in any autosurf-related transaction or payment.

The FBI encourages anyone with information or who suspect being a victim, please contact the National Fraud Information Center at 1-800-876-7060 or the Internet Crime Complaint Center at www.ic3.gov.

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Read also:
StormPay Update
The StormPay/12DailyPro Report (part one)
The StormPay/12DailyPro Report (part two)

 

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