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Neteller promises funds back to customers

In an official press release NETeller, the excessively publicized payment processor, has announced that it has signed agreements with the United States Attorney’s Office for the Southern District of New York (USAO) and Navigant Consulting, a consulting firm providing litigation, financial, healthcare, energy and operational consulting services.

The announcement marks the beginning of a process to redistribute frozen funds to its former customers. The agreement was signed on March 20th and will outline terms and a timeline under which NETeller will organize the distribution of funds to its US customers. The statement details that the group hopes to outline the specific details of this plan within the next 75 days.

In the meantime Navigant will provide a report to the USAO on the Group’s current financial condition in accordance with their agreement. Ron Martin, Group President and CEO says, "We continue to be committed to returning funds to our US customers and working with the US Attorney's Office". "Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in our progress."

Neteller founders, Stephen Lawrence and John Lefebvre were arrested in January of this year on a charge of conspiracy to transfer funds with the intent to promote illegal gambling. Their court date has again been postponed and now is set for April.

Posted: April 12, 2007

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