intrade.com ceases trading activity

Intrade ^ | 03/10/2012 | The Board of Directors of Intrade the Prediction Market Limited

[OL Hickory]

With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.

[OL Hickory]

Any idea what's going on??

[Candor7]

The IRS must be on to them.

[1rudeboy]

Says so right at your link.

[vbmoneyspender]

Intrade should make one exception to closing shop, they should let people bet on why they are having to close shop.

My bet would be that somebody pulled a Jon Corzine.

[montanajoe]

They are off shore so I doubt the IRS. They has been spectacularly wrong recently..Obamacare Romney etc so I suspect they are just broke.

[mylife]

All bets are off.

[Cementjungle]

"At this time and until further notice, it is not possible to make any payments to members in accordance with their settled account balance until the investigations have concluded.

We are not able to provide telephone support or live help services at this time"

[PghBaldy]

Where? It just says they are shut down, doesn’t say why, unless I am missing it.

[Kevmo]

Their whole business model was upended by the Obama administration, the founder died in a climbing accident on Mount Everest, and they demonstrated a pronounced lack of desire to be in this business anyways. Maybe they can sell to someone who really does want to do what they originally intended, but I doubt it.

[mnehring]

Probably busted for an illegal gambling operation. Not the right license. Always seemed a little fishy to me.

[mnehring]

Looks like The Blaze was on to the potential closing about a month ago.
http://www.theblaze.com/blog/2013/02/22/say-goodbye-to-intrade/

[Skepolitic]

The tentacles of the IRS reach very far. So far that foreign banks will not open or maintain accounts for Americans.

But it could be the Justice Department. It was the DoJ that shut down online poker a couple of years ago, and they were domiciled abroad as well.

[montanajoe]

Could be but if they were still open I bet they are broke...

[pingman]

Costa Rica, I believe.

[mnehring]

I thought it was Ireland.

[SunTzuWu]

InTrade is best known for brokering bets in the U.S. presidential elections. But last November, the U.S. Commodity Futures Trading Commission sued to stop the Dublin-based site from offering prediction contracts to Americans. As a result, InTrade closed all U.S. accounts pending a court-ordered injunction

[garbanzo]

My guess would be that the market got small enough that manipulation could occur.

[VRW Conspirator]

It’s the Zombie apacolypse! (did I spell that right?)

[Louis Foxwell]

In the word of Mssr Holder, “No.”

[NoLibZone]

But it’s not possible to game or cheat a web voting process.

How can this be?

LMAO.