Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
Recent Articles
Best of Aaron Todd

Gaming Guru

author's picture
 

NETELLER moves to return U.S. funds

21 March 2007

By Aaron Todd

NETeller signed an agreement with the United States Attorney's Office for the Southern District of New York yesterday which outlines the terms and timeline for which it will return funds to U.S. customers.



NETeller says it will announce a plan to distribute funds to U.S. customers within the next 75 days. Customers seeking more information can visit www.updates.neteller.com or call the NETeller U.S. customer service line at 1-888-258-5899.



NETeller says it had no more than $55 million in U.S. accounts seized by the U.S. Attorney's Office in the days following the arrest of the company's co-founders Stephen Lawrence and John LeFebvre.



The U.S. Attorney's office was unwilling to comment on the issue or the money re-distribution because "the case is still ongoing," spokesperson Rebekah Carmichael said.



"We continue to be committed to returning funds to our U.S. customers and working with the U.S. Attorney's Office," said NETeller President and CEO Ron Martin in a statement. "Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process."



NETeller also signed an agreement with Navigant Consulting Inc., to provide financial consulting and oversee the process of returning funds to U.S. customers.



Navigant is a New York-based firm that specializes in "providing litigation, financial, healthcare, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change."



Navigant claims on their Web site to focus on "industries undergoing substantial regulatory or structural change and on the issues driving these transformations."



Casino City Reporter Ryan McLane contributed to this report.


NETELLER moves to return U.S. funds is republished from Online.CasinoCity.com.
Aaron Todd

Home-game hotshot Aaron Todd has covered the gambling industry since 2006. While he is happy to play Texas Hold'em, he'd rather mix it up and play Omaha Hi/Lo, Razz, Deuce-to-Seven Triple Draw, and (his personal favorite) Badeuci.

Since graduating from St. Lawrence University, Aaron has worked as a journalist covering the gambling industry and as a communications specialist in college athletic departments.

A native of a small town in New York just south of Ottawa, Aaron lives in Needham, Mass., with his wife and three children. Write to Aaron at aarontodd@casinocity.com, and follow him on Twitter @CasinoCity_AT.