Government

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

From the Office of Greg Abbott, Attorney General of Texas

March 6, 2006

HOUSTON—exas 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.