Neteller’s cofounder Stephen Lawrence Pleads Guilty

by Lou on July 2, 2007

Neteller cofounder Stephen Lawrence entered a guilty plea this past Friday to illegally transferring money to online gaming firms and agreed to cooperate with US attorney’s office for the southern district of New York. That agreement includes forfeiture of $100 million.

He admitted his guilt in front of Judge Kevin Castel, saying: “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.”

Sentencing is set for October. At that time, Lawrence faces a maximum of five years in prison and a $250,000 fine.

Neteller told the London Stock Exchange that it was cooperating with the US attorney’s investigation and that they hope it will be complete by July 13.
The case of Neteller cofounder John Lefebvre is still pending.

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