Neteller suspends stock trading

Following the arrests of two former directors of the company - Stephen Lawrence and John Lefebvre, Neteller has announced in a press release that it is seeking immediate temporary suspension of Neteller shares. The company is the world's largest online gambling transaction processor.

Mr. Lawrence and Mr. Lefebvre were arrested on Monday in Los Angeles and New York and are both charged with conspiring to transfer funds with the intent to promote illegal gambling. According to the New York state attorney press release, the arrests are part of the ongoing efforts of the US government to curb illegal internet gambling. Currently they do not hold any position in Neteller, other than shareholders, however, they have had a significant ownership in the company in the past. Both of them now own a little over 5% of Neteller through their companies. They have been on federal charges by the US authorities, in their homes.

Neteller Group is trading on the London Stock Exchange AIM market with a symbol NLR.