http://www.oag.state.tx.us/oagnews/release.php?id=1493
QUOTE
Attorney General Abbott Files Emergency Action To Protect Clients Of Unlicensed Online Payment Service
EMO Corp. and officers cannot account for $2.4 million in customer cash
AUSTIN - 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.
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.
EMO Corp. and officers cannot account for $2.4 million in customer cash
AUSTIN - 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.
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.