Stephen Lawrence pleads guilty
The co-founder of Neteller
PLC (PINK:NTLRF) Stephen Lawrence pleaded guilty to a charge of
criminal conspiracy on Friday.
long Neteller saga is finally coming to an end. Today (Friday),
Stephen Lawrence told the judge in the New York court : "I came
to understand that providing payment services to online gambling
Web sites serving customers in the United States was wrong," and
leaded guilty to a charge of conspiracy.
Lawrence and another Neteller director, John
David Lefebvre, were arrested in January of 2007. Lawrence was
charged with violating old laws prohibiting the use of
electronic wires to send or receive information that facilitates
illegal gambling, also known as "The Wire Act".
According to reports, the lawyers of Lawrence
said he was cooperating with U.S. investigators and also had
agreed to be at least partly responsible for the $100 million
the government is seeking in restitution.
Sentencing has been scheduled for October. It
is unknown at this time whether Lawrence will face prison time.
He is facing a maximum of five years, but any punishment is
likely to be reduced by his cooperation in the case.
Lefebvre pleaded not guilty and is case is
Both men are Canadian citizens and were not
holding any positions at Neteller at the time of their arrests.
Neteller PLC was once the biggest financial transaction
processor for the online gambling industry in the U.S.
Published on 06/29/2007