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January 17th 2007
NETeller founders charged with money laundering conspiracy
Monday’s arrest of NETeller’s two founders Stephen Lawrence and John Lefebvre was finally settled today when the New York U.S. Attorney’s Office and the FBI released a joint statement regarding the two men.
Trading had been suspended on NETeller shares yesterday following the arrest on Monday of NETeller’s two Canadian founders and former directors but until this morning the reason for their arrest remained unclear.
Today the FBI issued a joint statement explaining that Stephen Lawrence and John Lefebvre had been arrested as “part of the US Department of Justice’s effort to combat unlawful internet gambling through implementation of the anti-money laundering statutes”.
The press release settled debate as to whether the arrests were related to the UIGEA, explaining the men would not be charged under the new anti-gambling law, but under the under the old 1956 money laundering act instead. Ultimately the men are seen to have violated the 1963 Wire Act.
Canadian’s Stephen Lawrence and John Lefebvre founded NETeller and remained as the company’s non-executive directors until the last two years, with Lefebvre stepping down in December 2005, and Lawrence following Lefebvre out of the company in October 2006. Although the two men maintained a large number of shares in the company they were no more legally connected to NETeller than any other shareholders.
Their arrest on Monday therefore indicates that the US authorities will not just target those who continue to operate illegally in the light of the UIGEA, but will also go after those seen to have broken the law in the past.
As yet no charges have yet been brought against NETeller, but it seems increasingly likely they will be targeted in the near future.
In the meantime the American gambler should start to worry that their options for funding online gaming activities may dry up in the not so far off future.
Submitted: 17/01/2007 10:03:03
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