• ONLINE GAMBLING'S NETELLER STOPPED BUSINESS IN US 12:O1 AM

    18 January 2007

    Newspaper

    HOUSTON CHRONICLE – cron.com
    Jan. 18, 2007, 3:43AM
    By ROBERT BARR – Associated Press

    LONDON — Neteller PLC, a Britain-based online money transfer business, said Thursday it is ceasing to handle gambling transactions from U.S. customers because of restrictive legislation and uncertainties about regulations.

    The company’s move came three days after former directors arrested and charged in the United States with funneling billions of dollars in gambling proceeds to overseas betting operations.

    “As of today … at 12:01 AM GMT, U.S. resident customers were no longer able to transfer funds using Neteller’s services to or from any online gambling site,” the company said in a statement to the London Stock Exchange.

    Neteller said it would focus operations on markets in Europe, Asia and other countries in the Americas.

    Trading in Neteller shares on the London Stock Exchange was suspended Tuesday following the announcement of the arrests of the two former directors.

    Neteller is an Internet payment services company that has grown in popularity as an increasing number of credit card companies have begun refusing to accept payments to online gambling sites.

    Neteller essentially acts as a middleman between gamblers and offshore betting operations. For example, a gambler who wants to place bets at offshore sports books can fund an account with Neteller, which in turn will transfer the money to the betting sites. Prosecutors say Neteller facilitated the transfer of billions of dollars of illegal gambling proceeds.

    On Tuesday, U.S. authorities announced the arrests of former directors John David Lefebvre, 55, and Stephen Eric Lawrence, 46, both Canadian citizens who were indicted by a grand jury in New York.

    U.S. Attorney Michael Garcia said the men knew when they took their company public that its activities were illegal.

    FBI Assistant Director Mark J. Mershon, assistant director of the U.S. Federal Bureau of Investigation, said the multibillion-dollar online gambling industry is “a colossal criminal enterprise masquerading as legitimate business.”

    Lefebvre and Lawrence were charged in connection with the creation and operation of an Internet payment services company that facilitated the transfer of billions of dollars of illegal gambling proceeds from U.S. citizens to the owners of overseas Internet gambling companies.

    Lefebvre was arrested Monday in Malibu, California. Lawrence, who resides in Paradise Island, Bahamas, was arrested Monday in the U.S. Virgin Islands.

    They joined in 1999 to found Neteller, which is based in the Isle of Man and is publicly traded in the United Kingdom.

    Lawrence left the company’s board of directors in October and Lefebvre left in December 2005, prosecutors said.

    The company’s announcement noted the arrests of its former directors, but said the decision to cease gambling transfers in the United States “reflects the culmination of a series of deliberations and steps the group has taken since the passing of the UIGEA (Unlawful Internet Gambling Enforcement Act) in October 2006.”

    Related News

    • The lioness is coming soon

      New Online Slots

      The Lioness is Coming SoonIvan Stefanovic22 June 2022

      Amanda Nunes is widely considered to be the best female fighter in the world, and her accomplishments back up that claim. She is a two-time champion in UFC, having won both the bantamweight and featherweight titles. She's also defended her title successfully three times in a row. In addition to all of that, she has also won five Performance of the Night awards.

      Read full article
    • The rave new game announcement

      New Online Slots

      Be Among the First Players to Experience The Rave SlotIvan Stefanovic22 June 2022

      The Rave takes us to an incredible rave party, with Joe Labrador delivering an out-of-this-world music experience. Joe Labrador, also known as DJ P5ychØ Manhunt, is a world-renowned DJ who is known for his transcendent and wild rave experiences. His music is said to be so powerful that those who lose themselves in the beat never return. His fans are some of the most dedicated and loyal ravers in the world, and they often travel great distances to experience his music.

      Read full article
    • Hot fruits are stacked on the reels with hoollische sieben deluxe

      New Online Slots

      Hot Fruits Are Stacked on The Reels with Höllische Sieben DeluxeIvan Stefanovic02 June 2022

      Hölle Games, a German slot provider, has launched Höllische Sieben Deluxe, a sequel to Höllische Sieben. The paytable is constructed of symbols ranging from cherries to lemons, oranges to plums, grapes to watermelon and chili peppers. There are some additional bonuses available, in addition to the traditional symbols. The wild can substitute for any other symbol except for the scatter, while the scatter can trigger the extra spins round.

      Read full article