Neteller founders arrested

[Beanie]

http://www.gambling911.com/NETeller-...ed-011507.html

[losercore]

Why can we (US) nab people like this and we let terrorists all over our Country?

Where are our priorities???

[PPP]

Neteller shares suspended. This may get them out of the US market quick.

http://business.guardian.co.uk/story/0,,1991485,00.html

[JamieB34]

Neteller seems to still be running as ussuall on my end at the moment.
I still have one payment left to receive this month other than PAW payment... Think it will be affected by this?

Pretty sure PAW payment would't be affected since its actually a transfer but concerned about the other as it is not?

[joeker]

These two guys haven't been involved with Neteller for years, i.e. they left the company years ago.

We shouldn't assume this involves Neteller, it could be totally unrelated.

[losercore]

Originally Posted by joeker

These two guys haven't been involved with Neteller for years, i.e. they left the company years ago.

We shouldn't assume this involves Neteller, it could be totally unrelated.

My thoughts exactly. It may put some heat on Neteller if they are the major share holders, but this may have to do with something else.

[joeker]

One of them is a hippy, so it could be drugs

Originally Posted by losercore

My thoughts exactly. It may put some heat on Neteller if they are the major share holders, but this may have to do with something else.

[freydaddy]

Im thinking it may have something to do with what they have done in the past with the company, and is now catching up to them. Maybe they were involved with something like an enron scandal, who knows we will have to wait to find out, i doubt it has much to do with todays neteller operations from what i read!

[GregK]

Hippies don't partake in Enron scandals! lol

...just following the money trail

[Jeremy]

I am usually the ultimate optimist in these types of situations but after reading the District Attorney's statement I think this is actually quite grim news. You can read the PAW news article on it here, Neteller Arrests or you can hit Neteller in google news and read all kinds of speculation.

Speculation is just that......speculation. But the announcement below by the district attorney is not the news I think most were hoping for. Initially people were thinking these guys were picked up for money laundering that was not related to Neteller or the business. Here is the D.A.'s quote.

“Michael J. Garcia, the United States Attorney for the Southern District of New York, and Mark J. Mershon, the Assistant Director in charge of the New York office of the Federal Bureau of Investigation, announced today that Stephen Eric Lawrence and John David Lefebvre were arrested yesterday in connection with the creation and operation of an Internet payment services company that facilitated the transfer of billions of dollars of illegal gambling proceeds from United States citizens to the owners of various Internet gambling companies located overseas.”

Nobody knows what the fallout of this will be, but considering Neteller NLR.L halted it's trading in London this morning, I don't think it would be a big surprise to see them pull out of the U.S. market in the next few days. Just my opinion but I think in terms of $$ and revenue throughout the entire industry, this will be much more significant than the initial UIGEA.