Neteller payments get underwayAugust 1, 2007, 3:26 pm (5 years ago)
Embattled Isle of Man-based e-wallet has begun payments to online gamblers who have been waiting to receive funds as a result of Neteller’s very public run in with the United States Department of Justice.
Neteller consented to a Deferred Prosecution Agreement (DPA) with the United States Attorney’s Office for the Southern District of New York.
It agreed to pay a $136 million penalty to the US as part of an accord to defer prosecution approved by Judge P. Kevin Castel in a Manhattan court.
The agreement came as a result of Neteller founders’, Stephen Lawrence and John Lefebvre, decision pleaded guilty to a number of charges, including criminal conspiracy.
And Neteller showed it was committed to keeping its side of the bargain as it this week began to refund $94 million owed to US players that had been on ice since January.
The e-wallet is under threat of further prosecution if it does not comply with the conditions imposed by the US Department of Justice, but all looked to be going smoothly this week.
The amounts owed to players vary dramatically to very small funds to hundreds of thousands. One player is thought to be owed $800,000.
Despite the heavy fines and the huge amounts now being refunded, analysts believe that the e-wallet remains in a very strong position in the online gambling market.
Remote gaming is more popular than ever in other parts of the world and Neteller is set to be in a very strong position if the United States succumbs to growing pressure to relax its online gambling laws.
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