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NETeller Arrests: US Attorney in New York to Release Statement

by Thomas Jensen on Tuesday, January 16th, 2007

NETeller Arrests: US Attorney Schedules Press ConferenceEgaming Review is reporting that the office of the US attorney in New York, southern district, has confirmed they will be issuing a press release at 5.45 UK time regarding the arrests on Monday of former NETeller directors Stephen Lawrence and John Lefebvre (pictured).

The spokesperson would not comment any further other than to confirm this is a Federal matter rather than a state matter.

Both former executives and founders were detained on Monday by federal authorities.  So far, it is uncertain what the men are being charged with.  News of the arrests were initially reported by Christopher Costigan of Gambling911.com.  The story sent shockwaves throughout the entire internet gambling industry.

Many industry observers doubted the veracity of the claim at the time of the initial story, however the doubt soon lifted once the board of directors of publicly listed NETeller (symbol: NLR), formally requested a suspension of trading in the companies shares on the London Stock Exchange (AIM).

With over 3 million customers in 160 countries, 3,500 merchants, and over $7 billion in annual transactions, the NETELLER Group operates the largest independent online money transfer business in the world.

Point-Spreads.com has spoken to several internet gambling operators that have privately stated this incident, while unexpected, should not have an immediate impact on their business.  Many others are taking a “wait and see” approach.  If NETeller decides to pull out of the US marketing, many internet gambling websites will feel the sting.  NETeller is one of the most popular payment options used by internet gamblers and operators due to its ease of use.

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