Neteller begins refunding customersJuly 30, 2007, 5:34 pm (5 years ago)
Neteller shares remained strong on Monday as the price per share stayed in the 70-80 pence range as it was announced that players whose winnings were frozen can access the funds this week.
Despite the big payout and the controversy surrounding the Isle of Man- based company, analysts say that the company has a bright future. This was seen in a rise in share price from 73.5 pence to 79 pence last week.
The e-wallet recently consented to a Deferred Prosecution Agreement (DPA) with the United States Attorney’s Office for the Southern District of New York.
Neteller has agreed to pay a $136 million penalty to the US as part of an agreement to defer prosecution approved by Judge P. Kevin Castel in a Manhattan court.
The agreement came after Neteller founders Stephen Lawrence and John Lefebvre pleaded guilty to a number of charges, including criminal conspiracy.
As a result of the agreement, Neteller will not face prosecution if it adheres to the terms of the agreement.
Accounts that have been suspended since January have now been reopened. However, Neteller warned that it will be some time before all of the $94 million owed is repaid.
US customers can access their Neteller accounts online up to 26 January, 2008. However, Neteller has warned that it will not pay any interest on the amounts owed.
Further information is available at www.neteller.com
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