NETELLER moves to return U.S. funds

21 March 2007

NETeller signed an agreement with the United States Attorney's Office for the Southern District of New York yesterday which outlines the terms and timeline for which it will return funds to U.S. customers.

NETeller says it will announce a plan to distribute funds to U.S. customers within the next 75 days. Customers seeking more information can visit or call the NETeller U.S. customer service line at 1-888-258-5899.

NETeller says it had no more than $55 million in U.S. accounts seized by the U.S. Attorney's Office in the days following the arrest of the company's co-founders Stephen Lawrence and John LeFebvre.

The U.S. Attorney's office was unwilling to comment on the issue or the money re-distribution because "the case is still ongoing," spokesperson Rebekah Carmichael said.

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

NETeller also signed an agreement with Navigant Consulting Inc., to provide financial consulting and oversee the process of returning funds to U.S. customers.

Navigant is a New York-based firm that specializes in "providing litigation, financial, healthcare, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change."

Navigant claims on their Web site to focus on "industries undergoing substantial regulatory or structural change and on the issues driving these transformations."

Casino City Reporter Ryan McLane contributed to this report.

Aaron Todd

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Home-game hotshot Aaron Todd was an editor/writer at Casino City for nearly eight years, and is currently the Assistant Director of Athletics for Communications and Marketing at St. Lawrence University, his alma mater. While he is happy to play Texas Hold'em, he'd rather mix it up and play Omaha Hi/Lo, Razz, Deuce-to-Seven Triple Draw, and Badugi.