Neteller Founder Pleads Guilty

Former Neteller founder and director Stephen Lawrence pleaded guilt to a charge of conspiracy on Friday, and agreed to pay $100 million to the U.S. government. The case against John Lefebvre, who is also a former founder and director, is still pending.

Last month, Neteller told its shareholders it hoped to have the case resolved by July 13. A Neteller spokesperson told CardPlayer.com that once the case is resolved with the U.S. Department of Justice, it will be able to implement the distribution plan it has in place to return the more than $55 million of U.S. customers' funds that were seized by the U.S.

Lawrence also agreed to help U.S. officials with the investigation. Lawrence faces a maximum of five years in prison and a fine of $250,000, or twice the gross or gain caused by his offense. His sentence hearing is set for Oct. 29.

The charges against both him and Lefebvre are one count of each of the following: conspiracy to use the wires to transmit in interstate and foreign bet and wagering information; conspiracy to conduct illegal gambling businesses; conspiracy to engage in international financial transactions for the purpose of promoting illegal gambling; and conspiracy to operate an unlicensed money transmitting business.

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