Fergie's Tech Blog

NETeller Founder Guilty on Handling Billions of Illegal Gambling Dollars

Paritosh Bansal writes in The New Zealand Herald:

A founder of payment processor NETeller has pleaded guilty to a conspiracy charge over the handling of billions of dollars in illegal gambling proceeds.

Stephen Lawrence, 47, during a hearing before U.S. District Judge P. Kevin Castel in Manhattan, also agreed to cooperate with the government.

Lawrence, who is also a former chairman of the company, faces a maximum sentence of five years on the conspiracy charge for his role in the operation of the payment processor.

NETeller co-founder and former President John Lefebvre was also charged in January. The case against him is still pending, the U.S. Attorney's office in Manhattan said in a statement.

posted by Fergie @ 7/01/2007 06:24:00 PM