With the passing of the July 13 deadline that former U.S. online casino eWallet gave itself to pay funds back to customers whose accounts were frozen and monies seized, Neteller has issued an official statement regarding the situation. As drawn out as the process has been until now, it was no surprise for bettors and the online gambling industry at large that Neteller and the U.S. Department of Justice had still not come to a final resolution on the matter. Despite more delays, Neteller is assuring its account holders they are using every means necessary to resolve talks within a "number of days".

The announcement comes shortly after the second of Neteller's former co-founders pleaded guilty to conspiracy charges. With two guilty pleas on record, Neteller was quick to designate the ongoing investigation as one regarding alleged violations of online gambling laws by the company's "former directors".

To further complicate matters, Neteller's current Chairman, Gord Herman, announced he would be resigning from his post in order to give special attention to personal matters. Herman is to be immediately replaced by non-executive Directory, Dale Johnson, who will apparently hold down the Chairman position indefinitely.

Since June 4, Neteller and the U.S. DOJ have agreed upon a plan that would distribute funds back to U.S. account holders, most of which was being used to place bets at online casinos, poker rooms and sports betting sites. However, that plan cannot take effect until the investigation has been fully resolved. As for Neteller's suspended shares on the Alternative Investment Market of the London Stock Exchange, these will remain suspended until Neteller has published their 2006 financial earnings statement, which is only being compounded by the delay in resolving the investigation.