On July 18th, the UK based payment processing company, NETeller, came to terms with the US Attorney’s office regarding the criminal charges put forth against them earlier this year. NETeller and the USAO have entered into a Deferred Prosecution Agreement and if obeyed, all federal charges against the e-wallet solution will be deferred and even better, they won’t be charged with any Federal crimes.
One of the main conditions of the agreement is that NETeller agree to pay the United States $136 million. $60 million of NETeller’s money had already been seized by the US and will be deducted from the amount owed. The remaining $76 million will be paid in two installments, the latter by Jan 17, 2008.
NETeller also had to admit that they did in fact unlawfully run an unlicensed operation that facilitated gambling transactions made between US citizens and gambling merchants. They have also agreed to set up procedures that will ensure that they do not take part in these types of activities in the US again.
The agreement also states that as long as these conditions are met and maintained over a two year period NETeller, which is currently traded on London’s Alternative Investment Market, will be free of the federal charges.
"Our customers, employees, and shareholders have all patiently waited for this resolution”. Stated Ron Martin, NETeller’s president and CEO in a press release ” We can now begin to refocus our efforts on building and strengthening the NETeller business in the growing markets of the European and Asia Pacific regions. I look forward to sharing further information about the company's progress over the coming months."
