Payback Time Lingers for Neteller Clients

NETeller, once a world-leading Internet money transfer firm, has issued an official press release announcing that it has completed signing deals with both the US Attorney's Office for the Southern District of New York & Navigant Consulting Inc. The agreements are designed to help facilitate the return of the estimated 55 million dollars owed to NETeller's American customers.

Prior to the US government's passage of the Unlawful Internet Gambling Enforcement Act (UIGEA), which was conceived to crackdown on Internet gaming companies, NETeller ranked as one of the largest payment processors.

At one time the company was said to have provided money processing services for over 85% of the online gaming industry. The company, however, has been in legal limbo since last January when the Department of Justice arrested 2 former executives, cofounders John Lefevbre & Stephen Lawrence, on conspiracy & money laundering charges.

On the bright side, however, the continued delays in formally charging the company's founders with anything, plus the slow attempts to return the cash to Neteller's customers, have some analysts suggesting that perhaps the Department of Justice may be re-evaluating its tough position towards the online gaming industry after all.

Under United States asset forfeiture laws, authorities may quickly seize property suspected of being used in a criminal activity, rendering it virtually impossible for the original owners to get it back. Unfortunately, in this case, the rightful owners are the American players.

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