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Neteller Settles With US Attorney's Office

Business, 2007-07-18, by TwoGun

Neteller has entered into a deferred prosecution agreement (DPA) with the US Attorney's Office (USAO). Pursuant to the DPA, Neteller will not be prosecuted for any federal crime, provided it files any criminal information related to online gambling merchants transactions with US customers for the next two years.

Neteller will also pay $136 million in fines to the USAO. Of this, $60 million has already been seized by the USAO when it confiscated funds this past January. The remaining $76 million will be paid by January 17, 2008.

According to Neteller, this agreement represents the culmination of the USAO's investigation of the company. Neteller has announced it will begin refunding US customers' money by July 30. Neteller will contact US customers via email and its website with the exact date they can begin requesting withdrawals.

Neteller is also attempting to restore trading of its shares to the AIM soon. After the arrests of its founders in January, trading of Neteller shares was frozen on the exchange.

Related Links

Neteller Press Release

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