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OK so this is old news now? Where the hell do I hang out? LOL!
Any new updates?
Trading in Neteller shares suspended
NETeller Shares: Trading Halted after Arrests PDF Print E-mail
Written by Thomas Jensen
Tuesday, 16 January 2007
NETeller Shares Trading Halted after ArrestsOnline money transfer company NETeller has confirmed on Tuesday January 17th, 2006 that two of its founding shareholders had been detained by US authorities on Monday which also happened to be Martin Luther King, Jr. Day.NETeller has denied receiving any communications from US authorities however the board of directors requested a temporary suspension of its share on the London Stock Exchange (AIM) immediately until the situation is clarified.
News of Stephen Lawrence and John Lefebvre’s detainment broke on Gambling911.com Monday evening sending shockwaves throughout a beat up internet gambling industry.
Both former founders still have significant shares in NETeller but do not currently hold positions with the company other than shareholders.
No charges have been filed at this time. Point-Spreads.com will continue to monitor this ongoing story and we have posted correspondance from NETeller VP of Communications, Andrew Gilchrist below. The Group has not received any communication or correspondence from any US authority regarding this or any related matter.
Pending clarification of the situation the Board has sought immediate temporary suspension of NETELLER’s shares.
Further information will be issued in due course.
From Blooomberg
http://www.bloomberg.com/apps/news?pid=20601102&sid=aaywBKAxtPgU&refer=uk
NETeller Says U.S. Detained Two Former Directors (Update1)
By Victoria Richards
Jan. 16 (Bloomberg) — NETeller Plc, a processor of payments for Internet gambling companies whose shares have lost four-fifths of their value in the past year, said U.S. authorities detained two of its founder shareholders.
Stephen Lawrence and John Lefebvre, both former directors of the Isle of Man-based company, were traveling separately, NETeller said in a Regulatory News Service statement today. They have no current connection with the company, the statement said.
The company didn’t say why the two were detained on Jan. 15 and NETeller hasn’t received any correspondence from U.S. authorities. “There is no connection at present between NETeller and the charges against the directors,” external spokesman George Cazenove said by telephone in London.
NETeller, whose clients include Victor Chandler, on Oct. 31 said that a U.S. law that aims to shut down online gaming in the country by criminalizing transfers of funds would change the direction of the company “fundamentally.”
Lawrence, the founder and former chairman of NETeller, resigned as a non-executive director on Oct. 13 last year. Lefebvre stepped down as a non-executive director on Dec. 16, 2005, according to a filing.
Shares of NETeller were suspended in London “as a precautionary measure,” Cazenove said. They have lost 79 percent of their value during the past 12 months.
Cazenove said NETeller doesn’t know which firm is legally representing Lawrence and Lefebvre.
To contact the reporter on this story: Victoria Richards in London at vrichards@bloomberg.net
