Author Topic: Intrade Shuts Down Months After Federal Scrutiny  (Read 406 times)

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Offline Cincinnatus

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Intrade Shuts Down Months After Federal Scrutiny
« on: March 11, 2013, 01:20:57 PM »
Wonder who bet on this: Online prediction betting site Intrade has abruptly closed its doors.

The company, embroiled in controversy throughout the last several months, said Sunday night it had stopped trading on its website, a move that comes after Intrade last year said it wouldn’t take bets from U.S. residents following a federal lawsuit.

“With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity,” Intrade said in a note on its homepage, while noting these circumstances require “immediate further investigation, and may include financial irregularities.”

The Irish company — known for offbeat markets on presidential politics and the Academy Awards — said it settled open positions and calculated the settled account value for all member accounts, as well as halted banking transactions.

Intrade has often been cited as a reliable barometer of public opinion but wasn't always right.
We shall never be abandoned by Heaven while we act worthy of its aid ~~ Samuel Adams

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