Neteller

From Gambling911.com: NETeller is a third party payment solution begun in 1999 with a focus on Internet gambling

Category: Business - NETeller was once the most popular payment solution company catering to the online gambling market with a heavy focus on the North American market. 

Neteller is owned and operated by the British company Neteller PLC Group with offices in Calgary, Alberta, Canada. The company maintains its corporate headquarters on the Isle of Man.

Following the passage of the Unlawful Internet Gambling Enforcement Act in October 2006, Neteller was one of the few publicly traded online gambling related firms to continue doing business in the United States, which is widely believed to have encompassed nearly 80% of its overall market.

In January 15, 2007 Gambling911.com was the first news organization to report that Neteller co-founders Stephen Lawrence and John Lefebvre were detained by U.S. authorities.  Neteller executives would confirm this story next day and promptly pulled out of the US market, which further caused a "ripple" effect on the Internet gambling industry. 

Worse still, Neteller confirmed the US government seized funds of US customers.  The payment solutions company would later announce its intentions to pay back funds within a specific set time line.

No US customers report being paid as of May 27, 2007.  A fourth continuance in the hearing of Neteller's two co-founders was issued in mid May for the first week in June.

The company still continues to conduct business in Europe and Asia without much interruption.  Representatives spoke at the 2007 Casino Affiliate Conference in Amsterdam, an indication that they intended to continue operating the company globally, however, there was little discussion related to the US government actions. 

On June 7, 2007, the Vancouver Sun reported that as many as 200 people in the Vancouver, British Columbia area may have been a victim of an "identity theft" ring linked to Neteller security flaws.  By late June, Neteller continued to be unresponsive to customer inquiries regarding funds. 

On Friday June 29, 2007, Neteller Co-Founder Stephen Lawrence Pleads Guilty to criminal conspiracy, claiming he knew what he was doing could be construed as "illegal". 

The following week, John Lefebrve did the same. 

On July 16, 2007, a group of affected Neteller customers announced the process to begin filing a Class Action Suit against the company.

Neteller agreed to forfeit $136 Mil to the US government in exchange for cooperation in other matters. 

On July 25, Neteller resumed trading once again on the London AIM.

By July 31, 2007, the first reports of monies being received from US customers began trickling in.

Neteller Related Articles Appearing on Gambling911.com:

Neteller Takes the YouTube Route
Neteller Happy Ending as Monies Start Arriving
Neteller Resumes Trading
Income Access Cuts Off Neteller
The Consequences of a Neteller "Agreement" with the US Government
Neteller Will Forfeit $136 Mil
Neteller Class Action Suit
Neteller Still Sees July 13 as Target Date for Investigation to Conclude
Neteller Founder Pleads Guilty to Conspiracy
Neteller Customer Coalition Gets Bogged Down in Banter
Neteller Linked to "Identity Theft" Ring
NETeller to Return Funds to US Customers
NETeller Hearing Pushed Back Yet Another Two Weeks
NETeller News Not Good
YouTeller Denies NETeller Takeover Rumors
More Bad News for NETeller as Asian Pacific Director Resigns
NETeller Lays off its Oldest Employee: The Merchant Trainer
PartyPoker Pulls NETeller
NETeller Exits Canada, Turkey
NETeller 75 Day Promise of Payment Pleases Few
Jon Kyl, NETeller and Paula Abdul: It's All in the Mail Bag
NETeller to Pay Back Funds?
NETeller Hearing Extended Until Mid April
NETeller: Government Will Ask for Another Continuance Friday
Stocks Surge Following Hopes that Charges Will be Dropped Against NETeller
Clifford Chance (CC) to Advise NETeller
Online Poker: Isaac Haxton Out 800K Due to NETeller
NETeller Yahoo Board Gains Steam
HSBC to Write Off $11 Billion as NETeller Customers Contemplate Suit
NETeller Threatens Legal Action Against YouTeller
NETeller Lawsuits Imminent
YouTeller Equals NETeller?
NETeller Executives and Employees Speak
NETeller on the Brink: Gambling911 Advisory for all Non-US Customers
Neteller Processing Pink Slips
Unauthorized NETeller Withdrawals Add to Customer Woes
NETeller Accounts Gaining Interest? Don't Bet On It!
NETeller Equals NOteller as Payment Processor Changes Banks
Barclays Bank Declining NETeller Wires According to Online Poker Room
NETeller Confirms US Seizes Funds