Online Gambling Processor Neteller Passes US Justice Test

Published Saturday, August 22, 2009 -

Neteller which is a division of e-cash processor Neovia Financial has passed the check point in the USA that gives the company a clean bill of health by Justice officials there. Neteller was founded in 1999 and in the UK is regulated across the European Union by the UK government's Financial Services Authority (FSA).

Neovia Financial PLC is a British global payments company based in the Isle of Man. It is the provider of the Netbanx gateway, Neteller e-wallet, and Net+ debit card products that are used by merchants and consumers in over 160 countries.

The founders of the firm, Stephen Lawrence and John Lefebvre, got into trouble with US authorities back in 2007. This led to Neteller leaving the North American market severing negotiations with US Justice officials. Negotiations were finalized in an deal to give up $136 million USD while pleading guilty to operating an "unlicensed money transmitting business." and facilitating "unlawful transactions" between online gambling operators and players in the United States of America.

The agreement with the US department of Justice included deferred prosecution for a period of two years, now expired, the threat of any prosecution of Neovia the successor to Neteller has ended.

The US Attorney's Office for the Southern District of New York has confirmed the expiration of the agreement and has given the Neovia Financial firm a copy of the Notice of Dismissal of the Complaint filed against it.

The Notice of Dismissal confirms Neovia has met every condition of the Deferred Prosecution Agreement and will no longer be a subject of monitoring. Neteller services are now available in Croatia, Jordan, Macedonia, Malaysia, and Oman, adding to it's already huge reach.

Neovia Financial reported revenues of $84 million USD in 2007, 15% up on revenues over the previous year. First half 2008 results were up 18% on revenues over the same period in 2007.

Related news

Return to Latest News