NETeller reaches agreement with US

The NETeller saga has finally reached a conclusion with the announcement that it has reached an agreement with the United States Attorney’s Office.
The e-wallet, which is based in the Isle of Man, said it has consented to a Deferred Prosecution Agreement (DPA) with the United States Attorney’s Office for the Southern District of New York.
NETeller has agreed to pay a $136 million penalty to the US as part of an agreement to defer prosecution approved by Judge P. Kevin Castel in a Manhattan court.
The agreement came after NETeller founders Stephen Lawrence and John Lefebvre pleaded guilty to a number of charges, including criminal conspiracy.
As a result of the agreement, NETeller will not face prosecution if it adheres to the terms of the agreement.
Commenting on the agreement, the United States Attorney for the Southern District of New York, Michael J Garcia said: "NETeller moved billions of dollars offshore, serving as a financial conduit that enabled Internet gambling businesses to prosper by violating United States laws.
"Supporting illegal gambling is not a business risk, it is a crime, and today's proceedings mark yet another example of the
consequences of engaging in that conduct."
Earlier, a NETeller statement said: "This agreement resolves the USAO's investigation relating to the Company's former US business activities. We believe that this settlement is in the best interests of NETeller and its shareholders.
"Our customers, employees and shareholders have all patiently waited for this resolution. We anticipate within the next few weeks that we will have fully implemented the plan for the return of funds to our US customers and are hopeful that, by that time, we will have restored the company's shares to trading on AIM.
"We can now begin to refocus our efforts on building and strengthening the NETeller business in the growing markets of the European and Asia Pacific regions. I look forward to sharing further information about the Company's progress over the coming months."

Casino News: NETeller reaches agreement with US

NETeller reaches agreement with US