NETeller makes deal, plans to start returning money

Online poker players' wallets may soon be opening - their e-wallets that is - as NETeller has signed an agreement with the U.S. Attorney's Office and Navigant Consulting Inc. outlining terms for distributing funds to U.S. customers.

NETeller has been in discussions with the U.S. Attorney's Office for the Southern District of New York since early February to work out an orderly return of funds to U.S. customers.

U.S. customer accounts have been frozen as evidence since soon after arrest of NETeller founders John Lefebvre and Stephen Lawrence in January. The two are accused of conspiracy to transfer funds with the intent to promote illegal gambling.

NETeller has maintained throughout the ordeal that U.S. customer funds were safe and secure while the company worked to resolve the withdrawal issues.

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

Under the newly minted agreement, NETeller anticipates announcing a plan in the next 75 days to distribute funds back to U.S. customers.

Navigant's role in the agreement will be to provide a report to the U.S. Attorney's Office about NETeller's current financial condition.

Related Articles:

Government Needs Third Extension in NETeller Case
NETeller Court Date Looming, U.S. Customers Stewing
It's Official: NETeller Confirms Money Seizure
NETeller U.S. Customer Funds Frozen
NETeller U.S. Player Funds Safe, Secured

Best Poker Sites - Editor`s Pick

Latest Blogs »