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Recovering from Investigation

Neteller’s huge saga with the United States Justice Department is now finally beginning to see an end to the investigation, and the company is looking to the future and planning its actions for the next two years. Just last week NETeller as a company, and the cofounders separately, agreed to forfeit millions over to the U.S. – combined forfeitures will be total nearly $1 billion in criminal funds associated with the revenue NETeller received while operating illegal in the U.S. and in violation to the online casinos ban. Now that the financial matters are under control though, NETeller is not out of the woods; the company now enters a two year probationary period.

The USAO and a judge overseeing the NETeller case agreed to allow NETeller to defer prosecution on the federal offenses in return for the agreed up forfeited money, and the probationary period. So, now that the online casino related criminal charges are under control, the company is focusing on moving forward with company business that was put on hold over the last eight months of investigation.

First on the list of priorities is taking care of the annual reports for 2006 that were due to shareholders months ago but delayed because of the investigation. Then, as a company priority, and because it is part of the forfeiture agreement, Neteller will soon release for online casino players the $94 million in player account funds that were frozen as soon as the U.S. began formally investigating Neteller. The online casino players with frozen accounts can expect more information of disbursement of account funds directly from Neteller and by the end of the month.

The current President and CEO at Neteller, Ron Martin, released a statement concerning the online casinos players expecting the release of the account funds. He says, "Our customers, employees and shareholders have all patiently waited for this resolution. We anticipate within the next few weeks that we will have fully implemented the plan for the return of funds to our US customers.” From this point on, Martin stresses that in the coming months the company will “refocus efforts on building and strengthening the Neteller business in the growing markets of the European and Asia Pacific regions.”