NETeller Avoids Prosecution - Forfeits $136 Million
It looks as though NETeller may be able to avoid prosecution in the United States. In order to do so, they have agreed to forfeit $136 million and admit wrongdoing for violating U.S. laws. They also agreed to return $94 million held in their accounts to U.S. customers and to agree to be monitored for 18 months by government officials.
This deal was approved on Wednesday by a judge in Manhattan and the NETeller board of directors on the Isle of Man.
The deal fell into place after two of the company’s founders, Stephen Lawrence and John David Lefebvre, both recently pled guilty to charges of criminal conspiracy. After the two men were arrested, the company stopped handling transactions from the U.S., but it was too late to avoid the ire of the Bush administration.
At its most prosperous point, NETeller employed nearly 170 people and had 600,000 member accounts.
For more on NETeller and their struggles with the law, take a look at the following:
NETeller Founder Pleads Guilty
NETeller Close to Returning Funds
This deal was approved on Wednesday by a judge in Manhattan and the NETeller board of directors on the Isle of Man.
The deal fell into place after two of the company’s founders, Stephen Lawrence and John David Lefebvre, both recently pled guilty to charges of criminal conspiracy. After the two men were arrested, the company stopped handling transactions from the U.S., but it was too late to avoid the ire of the Bush administration.
At its most prosperous point, NETeller employed nearly 170 people and had 600,000 member accounts.
For more on NETeller and their struggles with the law, take a look at the following:
NETeller Founder Pleads Guilty
NETeller Close to Returning Funds
NETeller Avoids Prosecution - Forfeits $136 Million
posted by Dare to Gamble
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