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NETeller After the Arrests

NETeller is, or at least was before the operations were suspended in January of 2007, one of the top internet e-wallets servicing players in the U.S., Canada, and Turkey. But the company is now taking a lot of flack for the lack of communication with online casino players who had accounts frozen because of the arrest of NETeller’s founders. The Unlawful Internet Gambling Enforcement Act in the United States meant that the U.S. government was taking a much closer look at internet gambling and online casino operations in the United States. Not long after the UIGEA, the company’s two founders were arrested and are now awaiting trial.

Once NETeller left the American market, many online casino players no longer had a way to gamble at the top internet gambling sites. But that’s not even an option now. The company’s two founders, Steve Lawrence and John Lefebvre, were arrested last January in the United States and currently site in jail on $5 million bails. The U.S. Department of Justice alleges that the two were involved in money laundering. And just like the investigation into the company’s finances, the trial has had six continuances which means it just lasts longer and longer.

Once the two were arrested NETeller’s reputation was immediately damaged. But in light of the U.S. investigations, the company chose to suspend trading on company shares on the London AIM.

The company is still involved in the intense investigations, not to mention the founders, and player’s whose money still sits in frozen NETeller accounts can only hope that the latest press release is true and the end of this saga has a end in site.