MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Sept. 25, 2002--PayPal(TM), Inc.
(Nasdaq:PYPL)(www.paypal.com) today announced that the U.S. Postal Inspection
Service recently presented awards to members of its anti-fraud team in appreciation
and recognition of their aid in the investigation of a man accused of Internet
San Francisco Postal Inspector Barry Mew presented PayPal fraud investigators
with commemorative plaques thanking them for their "significant contribution"
to the investigation and capture of Jay Nelson, of Gilsum, New Hampshire.
Nelson, 34, recently pleaded guilty to charges of mail fraud, wire fraud,
and money laundering for failing to deliver thousands of items he offered
for sale on Internet auction sites. Nelson will be sentenced on Oct. 10.
"PayPal fraud investigators played a critical role in our ability
to compile evidence against Jay Nelson," said Mew. "We appreciate
their willingness to work closely with us and other law enforcement agencies."
"It's no secret that PayPal aggressively pursues people suspected
of fraud in the PayPal network," said David Sacks, PayPal chief operating
officer. "We have no tolerance for these people in our system and
are more than happy to help law enforcement bring them to justice in any
way we can."
PayPal enables any business or consumer with email to send and receive
Internet payments securely, conveniently and cost-effectively. PayPal's
network builds on the existing financial infrastructure of bank accounts
and credit cards to create a global payment system. As of June 30, 2002,
PayPal had 17.8 million member accounts, including
3.7 million business accounts. More than $3 billion was sent through
the PayPal network in the first half of 2002.
Based in Mountain View, PayPal is available to users in 38 countries
including the United States. Further information about the company can
be found at www.paypal.com.
CONTACT: PayPal, Inc.
Julie Anderson, 888/337-3533