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Online Casino Conditions >>> Betting News >>> January News


Former NETeller Directors Arrested - Online Casinos not Affected

by Dorothy Vick, News Staff
Writer
January 16, 2007

Online Casino Conditions (OCC) has received a breaking news report regarding the arrests of two former NETeller directors in the U.S. Both Stephen Lawrence and John Lefebvre were arrested in separate locations while traveling within U.S. borders, with at least one arrest confirmed to have taken place in Los Angeles, California.

Despite the fact that both men had left NETeller (an online casino payment solutions provider) last year, their connections to the company have not been entirely severed off. Both men still own a combined 10% of NETeller's capital, which in the grand scheme of things, could very likely pull NETeller's current operations into a legal predicament.

Upon hearing of the arrests (which have not been verified as of yet to be on a Federal or State level), NETeller issued a temporary suspension of their shares as a precautionary measure. The company has not been contacted by U.S. officials regarding the matter.

News of the arrests has come as a surprise, considering Lefebvre left the company over a year ago in December of '05, while Lawrence left in October, following the passing of the Unlawful Internet Gambling Enforcement Act. The fact that NETeller is in the radar of anti-online gambling efforts in the U.S. is no surprise, however. NETeller is the largest payment service provider for online casinos in the world. Offering cash-incentives for using their services, NETeller has become the deposit and withdrawal method of choice at the majority of reputable and regulated online gambling sites.

It was thought likely that NETeller would turn away from the U.S. sector nearing the time when enforcement protocols of the UIGEA were in place (nine months after the legislation was passed). Most analysts thought NETeller and online casinos doing business in the U.S. would be able to buy several more months time before enforcement regulations in the U.S. were in place. The bottom line is that two arrests have been made. In the meantime, NETeller will continue doing business as usual. OCC will report on updates as they come in.

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