Neteller - U.S. Attorney's Office - Agreement Over Frozen Funds

NETeller has signed a deal with the U.S. Attorney's Office on a deal that will allow them to return frozen funds to NETeller customers. They hope to have the framework of that deal finalized in the next 75 days.

When Neteller executives were arrested for allegedly breaking the Unlawful Internet Gambling Act, the government froze NETeller accounts as "evidence". This led many to wonder if the Attorney's Office wasn't being spiteful, since the paper trail of these accounts would be what was used in court, not the actual money in the accounts. The account fiasco has been the subject of much discussion with online gambling insiders.

On March 20, 2007, they signed deals with both the U.S. Attorney's Office for the Southern District of New York. The same day, a similar agreement was brokered with Navigant Consulting, a firm (which provides consultation for litigation) that is also involved in the case.

Hopefully, gamblers and affiliates can expect to see their funds in the next few months. A spokesman for NETeller reminds everyone that the agreement is to outline a payback plan within those 75 days. That means you should know to expect your money within the next 75 days, though the payback process might take a while longer.

Meanwhile, NETeller founders, Stephen Lawrence and John Lefebvre, continue to face federal charges. Those charges allege they were involved in a "conspiracy to transfer funds with the intent to promote illegal gambling".

What a mess.

It's a shame so much legislative and law enforcement energy has been wasted to chase down internet entrepreneurs. That time might have gone to taking a terrorist or a pedophile off the street.

Neteller - U.S. Attorney's Office - Agreement Over Frozen Funds