The guilty plea of former Neteller director John Lefebvre in United States District Court this week is likely to delay completion of the federal investigation currently pending against the company.
The company said the delay will likely come as a result of Lefebvre’s plea agreement, in which he agreed to assume partial responsibility for the $100 million the government is seeking in restitution and to cooperate with federal authorities in the investigation against Neteller. In exchange for this cooperation, Lefebrve is likely to receive a reduction on any possible sentence that may result from the conspiracy charges filed against him.
Neteller had hoped that the investigation would be completed by July 13. However, with the expected delay resulting from Lefebrve’s cooperation, the company has indicated that it plans on using that date as an opportunity to issue a progress report of the government’s inquiry.
Neteller shares continue to be suspended from trading as the company itself attempts to cooperate with the U.S. investigation and court orders filed in the Isle of Man.