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January 16th 2007
NETeller shares suspended after arrest of founders
In a sensational latest twist to the UIGEA saga trading on NETeller shares was suspended today after it was revealed that the company's two founders had been arrested in the US on Monday.
Canadians Stephen Lawrence and John Lefebvre founded NETeller and remained as non-executive directors until October 2006 (December 2005 in Lefebvre's case) but both men have since stepped away from the company and their current interest in NETeller is as shareholders alone. The two men were arrested seperately whilst travelling in the US and no charges against them have yet been made public.
Meanwhile NETeller has issued a statement confirming that neither man still plays any active role in the company. The statment also confirmed that NETeller has had no contact from the US authorities over the arrests, but explained that pending clarification of the situation the board had sought an immediate yet temporary suspension of their shares.
The arrests have shocked the poker world, not least because of NETeller's explicit pronouncements that they intended to fully comply with the new Unlawful Internet Gambling Enforcement Act when the 270 day grace period for financial institutions was over. Along with the fact that both men had stepped down from their positions as non-executive directors this has led to speculation that their arrests have nothing to do with NETeller's current activity.
Whichpoker will keep you up to date with all developments as and when they happen.
Submitted: 16/01/2007 16:41:51
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