| NETeller fails to return $55 million to US customers |
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| Written by Thomas Jensen | |||||||
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Friday, 13 July 2007
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 Looks like online payment processor NETeller officially missed their self imposed deadline of July 13th, 2007 to repay $55 million to their disappointed US customers.In a press release posted today by the board of directors, NETeller stated, “The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.” The statement goes on to say that that the the board has accepted the resignation of Gord Herman as Executive Chairman and Director of the Company. The internet gambling payment processor has named Dale Johnson as non-executive Chairman. Meanwhile, it was announced yesterday by Point-Spreads.com that shares of NETeller will be dropped from the FTSE AIM All-Share index , FTSE AIM 100 index and FTSE AIM UK 50 effective July 16th, 2007. Trading of the company’s shares on AIM has been halted since the arrests of NETeller founders Stephen Lawrence and John Lefebvre. NETeller cannot begin trading again until the United States investigation has been finalized. Here is the original NETeller press release in its entirety: Friday, 13 July 2007 - NETELLER Plc (LSE: NLR), the independent global online payments business, today issued the following statement regarding its progress in resolving the investigation by the United States Attorney's Office for the Southern District of New York (USAO) into the Company. As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days. As announced on 4 June 2007, the Company has agreed to a plan for the distribution of funds to its US customers and anticipates implementing the plan upon the resolution of the investigation. The agreed distribution plan details the process and mechanisms by which US customers will be able to initiate the return of their funds after the plan is implemented. Further information will be communicated to NETELLER’s US customers via email, through our website and through a press release once the date for implementation of the plan is finalised. The Company continues to make progress regarding the ongoing suspension of the Company’s ordinary shares from trading. The restoration of trading in the Company’s ordinary shares will depend on resolution of the investigation within a short time frame and finalisation and publication of the Company’s audited annual accounts for 2006. Further information will be announced as and when it becomes available. The Company also today confirms that earlier today, the Board accepted the resignation of Gord Herman as Executive Chairman and Director of the Company. Mr Herman has indicated that he wishes to concentrate on personal matters. Dale Johnson, non-executive director, will assume the role of non-executive Chairman. Both of these changes will take place with immediate effect.                        |
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| Last Updated ( Friday, 13 July 2007 ) | |||||||