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From EGaming News Neteller agrees to forfeit 100 mil!

Discussion in 'Casino Industry Discussion' started by twilasue, Jul 2, 2007.

    Jul 2, 2007
  1. twilasue

    twilasue Dormant account

    Occupation:
    professional aligator wrestler
    Location:
    zimbawe
    You must register/login in order to see the link.

    Neteller founder Stephen Lawrence has pleaded guilty to the illegal transfer of money to online gaming firms and has agreed forfeit US$100m as part of the agreement with the US attorneys office for the southern district of New York.

    Lawrence has also agreed to cooperate fully with the US authorities. The case of fellow defendant John Lefebvre is still pending.

    The news came on Friday after Lawrence finally appeared in court in New York. In front of judge Kevin Castel, Lawrence told the court: I became aware that the US had legislation barring certain transactions online. With this knowledge, I came to understand that providing payment services to online gambling businesses serving customers in the US was wrong.

    Lawrence faces up to five years in prison and a $250,000 fine when it comes to sentencing in October.

    In a statement to the London Stock Exchange this morning, Neteller said it was continuing to cooperate with the investigation being undertaken by the US attorneys office. It said it hopes the investigation to be completed by 13 July.

    _________________________________________________
    I haven't been keeping up on this much so sorry if this is old news to you all but it shocked me when i saw it in my email inbox today!

    twilasue
     
  2. Jul 2, 2007
  3. EasyRhino

    EasyRhino Dormant account

    Occupation:
    Analyst
    Location:
    San Diego
    Lawrence agreed to pay 100 mil, or Neteller did?
     
  4. Jul 2, 2007
  5. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    From the AP news article from Friday (29th):

    You must register/login in order to see the link.

    Links to Friday's news articles (AP & Reuters, etc.) are in the Neteller, DoJ & IRS thread (last page, I think).
    http://www.casinomeister.com/forums/casino-industry-discussion/16602-neteller-doj-irs-6.html

    As I understand it, the NETeller Two are currently only stockholders at NETeller and have had no official position in the company for quite some time.
     
  6. Jul 2, 2007
  7. soflat

    soflat Senior Member

    Occupation:
    Scientist
    Location:
    Florida
    Does Lawrence have that much money that he can forfeit $100M without much of a fight?
     
  8. Jul 3, 2007
  9. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    Must be from all those 8.9% InstaCash fees.
     

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