Bail to Be Set for Neteller's Lawrence

17 January 2007

Stephen Lawrence, one of two former directors Neteller arrested on Monday, appeared in court today to face charges of money laundering in connection with illegal Internet gambling.

Lawrence, who is also a major shareholder in Neteller, was arrested in St. Thomas, U.S. Virgin Islands. District Court Judge Geoffrey Barnard said he intended to set bail at $5 million and that bail would be set in a Thursday hearing.

Lawrence and fellow former director John Lefebvre, who was arrested on Monday in Malibu, Calif., on the same charges, are accused of funneling billions of dollars in illegal gambling proceeds from U.S. citizens to multiple overseas betting operations. The men were arrested on warrants out of the U.S. Attorney's office in New York City.