NETeller founders detained

NETeller confirmed today that Stephen Lawrence and John Lefebvre, both former directors and shareholders of the company, had been detained by US authorities on Monday.

Both men were arrested and detained in the US as they travelled separately, very similar to last year’s arrests of David Carruthers and Peter Dicks.

NETeller declared that neither man held a position in the company other than that of a shareholder and that was their only connection to the company. As a result, NETeller called for the suspension of trading on its shares this morning. NETeller also said that they have not had any communication with the US authorities so far regarding this or any related matter.

Shares in the company closed at 176p on Monday, giving the company a value of around £211 million. However, since the US crackdown on internet gambling shares in the company have fallen by 60 per cent. Previous to that, the company was riding high as the popularity of online casinos and gambling soared, the market responsible for most of its business.

Lawrence quit as a non-executive director of the company in October 2006 shortly following the introduction of the law after stepping down as non-executive chairman in May. Lefebvre resigned as non-executive director in December 2005. Lawrence holds a 5.91 per cent stake in NETeller as the majority beneficial owner of Corvina and Lefebvre owns 5.54 per cent through Eagle Medallion Fortress.

NETeller has over three million customers throughout the world and is responsible for processing more than £3.55 billion in financial transactions a year.

Editor, Jackpot.co.uk - 2007-01-16 11:19:35




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