With the Olympic Games less than a month away, a major ticket dispute between a ticket broker, the London Organizing Committee of the Olympic Games and the official credit card of the games, Visa, is taking place.
Texas-based ticket firm Golden Tickets is accusing the London Organizing Committee (LOCOG) of trying to enforce rules it cannot legally enforce, Visa of wielding its sponsorship power to cut off what it says is legitimate reselling of Olympic tickets and a payment processor called iPayment of fining the company without legal grounds.
After selling Olympic tickets, Golden Tickets president Steve Parry was informed by his comptroller that $25,000 was taken out of the company’s bank account without warning.
Parry said that when he contacted iPayment Holdings, a payment processor that helps find the best rates with member banks, he was only told that that he was fined because he was not authorized to resell Olympic tickets. The fine could only go away, he said he was told, if he agreed not to market, promote or sell any Olympic tickets.
“I felt so violated,” Parry said. “I mean, they are going into our account and literally stealing from us.”Page 1 of 8 | Next Page