As expected, Neteller founder John Lefebvre pleaded guilty today to one count of conspiracy in connection with processing illegal online gambling transactions from U.S. citizens.
Lefebvre faces a maximum of five years in prison and a fine of $250,000 upon his sentencing on Nov. 1. Furthermore, he has been ordered to forfeit at least $100 million in property and assets related to the gambling offenses.
Lefebvre's co-founder, Stephen Lawrence, on June 29 entered the same plea and faces the same sentencing on Oct. 29.
Both men have severed their relationships with Neteller.